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.
the right to receive such an income, or the duty to make such a payment or payments.
early 15c., "a yearly allowance," from O.Fr. annuité, from M.L. annuitatem (nom. annuitas), from L. annus "year" (see annual). Meaning "an investment that entitles one to equal annual payments" is from 1690s.