\ɐnjˈuːɪti], \ɐnjˈuːɪti], \ɐ_n_j_ˈuː_ɪ_t_i]\
Definitions of ANNUITY
- 2010 - Legal Glossary Database
- 1919 - The Winston Simplified Dictionary
- 1920 - A practical medical dictionary.
- 1894 - The Clarendon dictionary
- 1874 - Etymological and pronouncing dictionary of the English language
- 1871 - The Cabinet Dictionary of the English Language
- 1790 - A Complete Dictionary of the English Language
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A purchased policy that pays a fixed amount of benefits every year -- although most annuities actually pay monthly -- for the life of the person who is entitled to those benefits. In a simple life annuity, when the person receiving the annuity dies, the benefits stop; there is no final lump sum payment and no provision to pay benefits to a spouse or other survivor. A continuous annuity pays monthly installments for the life of the retired worker, and also provides a smaller continuing annuity for the worker's spouse or other survivor after the worker's death. A joint and survivor annuity pays monthly benefits as long as the retired worker is alive, and then continues to pay the worker's spouse for life.
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