Annuity

an-nū′i-ti, n. a payment generally (but not nece arily) 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 .