Annuity

[ə'njuːɪtɪ] or [ə'nuəti]

Definition

(noun.) income from capital investment paid in a series of regular payments; 'his retirement fund was set up to be paid as an annuity'.

Typist: Naomi--From WordNet

Definition

(n.) A sum of money, payable yearly, to continue for a given number of years, for life, or forever; an annual allowance.

Edited by Fred

Definition

n. a payment generally (but not necessarily) of uniform amount falling due in each year during a given term such as a period of years or the life of an individual the capital sum not being returnable.—n. Annū′itant one who receives an annuity.—Certain annuity one for a fixed term of years subject to no contingency whatever; Contingent annuity one that depends also on the continuance of some status as the life of a person whose duration is calculated by the theory of probabilities. An annuity is usually held payable to the end of each year survived; but when in addition a proportion of the year's annuity is payable up to the day of death the annuity is said to be Complete—the ordinary annuity being sometimes for distinction referred to as a Curtate annuity. When the first payment is due in advance the annuity is known as an Annuity due; when the first payment is not to be made until the expiry of a certain number of years it is called a Deferred or Reversionary annuity.

Edited by Kitty

Examples

Editor: Orville

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