annuity

[uh-noo-i-tee, uh-nyoo-]
noun, plural annuities.
1.
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.
2.
the right to receive such an income, or the duty to make such a payment or payments.

Origin:
1400–50; late Middle English < Anglo-French annuité, annualté < Medieval Latin annuitās, equivalent to Latin annu(us) yearly (derivative of annus year) + -itās -ity

superannuity, noun, plural superannuities.
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Collins
World English Dictionary
annuity (əˈnjuːɪtɪ)
 
n , pl -ties
1.  a fixed sum payable at specified intervals, esp annually, over a period, such as the recipient's life, or in perpetuity, in return for a premium paid either in instalments or in a single payment
2.  the right to receive or the duty to pay such a sum
 
[C15: from French annuité, from Medieval Latin annuitās, from Latin annuusannual]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Etymonline
Word Origin & History

annuity
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.
Online Etymology Dictionary, © 2010 Douglas Harper
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American Heritage
Cultural Dictionary
annuity [(uh-nooh-uh-tee)]

A sum of money payable yearly or at regular intervals.

Note: Many people's retirement funds are set up to be paid in annuities.
The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Example sentences
Risks are few, if you buy a fixed-rate annuity from a top-rated insurance
  company.
Deferred compensation and supplemental tax-sheltered annuity programs also
  available.
Indeed, you can go into the market any day and buy an individual pension called
  an annuity.
On-line is great for annuity revenue and eliminating the problems of limited
  shelf-space.
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