Annuity

(an-nū'i-tē.) [From L. ann us, a year.] A rent or sum receivable yearly for a term of years. If it is to begin on the occurrence of some uncertain event, it is a contingent A.; if it is not to be enjoyed immediately, it is a deferred A.; if not until the death of some one now living, it is a reversionary A. As the probabilities of the duration of life at every age are known, annuities may be purchased for fixed sums during a life or lives in being. [s. 33]