1. A contract in which a person pays a premium to an insurance company, usually in one lump sum, and in return receives periodic payments for an agreed period or for the rest of his or her life. An annuity has been described as the opposite of a life assurance as the policyholder pays the lump sum and the insurer makes the regular payments. Annuities form the basis for private pensions in most developed countries. See also annuity certain; deferred annuity.
2. A payment made on such a contract.
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