DEFINITION
Annuity

A contract by which the insurer in consideration of a stipulated payment (either in a lump sum or in a certain number of fixed installments) agrees to pay the annuitant(s), beginning at the present or future date or upon the happening of a contingency, a specified amount payable periodically for a stipulated period of time. An annuity may be payable for a limited term of years, or an indefinite or definite period dependent upon some contingency, such as during the remaining lifetime of the annuitant(s) or during a certain number of years dependent upon the survival of the annuitant(s).

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