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English definition of “fixed annuity”

fixed annuity

noun [C]
 
 
(also fixed-rate annuity) INSURANCE
an annuity (= contract someone agrees with an insurance company to be paid an amount of money regularly) for which the payment amount remains the same for the period of the annuity: At the moment, most retired people who want to top up their Social Security income prefer to buy fixed-rate annuities.
→ See also annuity
(Definition of fixed annuity from the Cambridge Business English Dictionary © Cambridge University Press)
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