Dictionary. com defines an annuity in two ways, firstly: 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… come again? (Since this sounds a bit confusing, we’ll define this in layman’s terms: the annual payment of an allowance or income.) Secondly, the site defines an annuity as the right to receive such an income, or the duty to make such a payment or payments.
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