Definition from Wiktionary, the free dictionary
annuity (plural annuities)
- A specified income payable at stated intervals for a fixed or a contingent period, often for the recipient’s life, in consideration of a stipulated premium paid either in prior installment payments or in a single payment. For example, a retirement annuity paid to a public officer following his or her retirement.
- The right to receive such an income.
- The duty to make such a payment or payments.
right to periodic payment
duty to make such payments