annuity
/əˈnjuːəti/ noun [C] INSURANCEDefinition
› a fixed amount of money paid to someone every year, usually until their death: The safety and security of an annuity give it a value that can't be measured in dollars and cents. He used $400,000 to buy an annuity that guarantees $60,000 a year of income for ten years. His contract includes annuity payments of about $19,000 per year paid in monthly installments.
→ See also deferred annuity, fixed annuity, immediate annuity, joint annuity(Definition of annuity noun from the Cambridge Business English Dictionary
© Cambridge University Press)
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