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English definition of “annuity”

annuity

noun [C]
 
 
/əˈnjuːəti/ INSURANCE
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 from the Cambridge Business English Dictionary © Cambridge University Press)
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