annuity

Meanings

1. 1
   noun

   a fixed amount of money paid to someone regularly, often yearly or for life

   The pension was converted into an annuity.

2. 2
   noun

   the right to receive regular payments from an investment or contract

   She bought an annuity to provide income after retirement.

From French annuite, from Medieval Latin annuitas and Latin annuus, "yearly." The word keeps the yearly-payment idea even when payments are made on another regular schedule.

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