{"id":358581,"date":"2013-01-28T16:34:14","date_gmt":"2013-01-28T21:34:14","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/dictionary\/definition\/annuity.html"},"modified":"2013-01-28T16:34:14","modified_gmt":"2013-01-28T21:34:14","slug":"annuity","status":"publish","type":"dictionary","link":"https:\/\/dictionary.findlaw.com\/definition\/annuity.html","title":{"rendered":"Annuity"},"content":{"rendered":"\n
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term:<\/p>\n

<\/h1>\n\n
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n<\/p><\/dt>\n

pl:<\/i> -ities<\/b>
[Medieval Latin annuitas<\/i>, from Latin annuus<\/i> yearly]
1<\/b> :<\/b> an amount payable at regular intervals (as yearly or quarterly) for a certain or uncertain period
2<\/b> :<\/b> the grant of or the right to receive an annuity [his will included annuities<\/i> for several old friends]
3<\/b> :<\/b> a contract (as with an insurance company) under which one or more persons receive annuities in return for prior fixed payments made by themselves or another (as an employer) <\/p>\n

annuity cer·tain<\/b>
pl:<\/i> annuities certain<\/b>
:<\/b> an annuity payable over a specified period even if the annuitant dies <\/p>\n

annuity due<\/b>
pl:<\/i> annuities due<\/b>
:<\/b> an immediate annuity in which the payment of the benefits is made at the beginning of each payment interval rather than at the end <\/p>\n

contingent annuity<\/b>
:<\/b> an annuity whose starting or ending date depends on the occurrence of an event (as the death of the annuitant) whose date is uncertain <\/p>\n

con·ven·tion·al annuity<\/b>
:<\/b> an annuity under which the annuitant receives a specified minimum amount at each payment compare variable annuity<\/a> in this entry <\/p>\n

deferred annuity<\/b>
:<\/b> an annuity in which payment of benefits is delayed until a particular time (as at retirement) compare immediate annuity<\/a> in this entry <\/p>\n

group annuity<\/b>
:<\/b> a pension plan paying annuity benefits at retirement for all eligible persons under a single master contract usually issued to an employer for the benefit of its employees <\/p>\n

im·me·di·ate annuity<\/b>
:<\/b> an annuity purchased with a single premium in which payment of benefits begins within the first payment interval (as within a year) compare deferred annuity<\/a> in this entry <\/p>\n

joint-and-survivor annuity<\/b>
:<\/b> an annuity payable as long as any of the two or more annuitants remains alive called also joint-and-last-survivor annuity<\/i> joint and survivorship annuity<\/i> joint life and survivorship annuity<\/i> compare joint life annuity<\/a> in this entry <\/p>\n

joint life annuity<\/b>
:<\/b> an annuity payable only until the death of any of the annuitants called also joint annuity<\/i> compare joint-and-survivor annuity<\/a> in this entry <\/p>\n

life annuity<\/b>
:<\/b> an annuity payable during the annuitant’s lifetime and terminating at death called also straight life annuity<\/i> <\/p>\n

life income-pe·ri·od cer·tain annuity<\/b>
:<\/b> an annuity that guarantees a minimum number of payments even if the annuitant dies before the minimum amount is paid or a minimum number of payments plus income for life if the annuitant is still alive after the minimum amount is paid <\/p>\n

refund annuity<\/b>
:<\/b> an annuity in which payments to the annuitant or to the annuitant’s estate or to a beneficiary are guaranteed to equal at least the amount of the premium paid for the annuity <\/p>\n

straight life annuity<\/b>
:<\/b> life annuity <\/a> in this entry <\/p>\n

var·i·able annuity<\/b>
[ver-ē-ə-bəl-]
:<\/b> an annuity that is backed primarily by a fund of common stocks and whose payments go up or down depending on how well the stocks perform compare conventional annuity<\/a> in this entry variable life insurance<\/i> at life insurance<\/a> <\/p>\n<\/dd>\n<\/dl>\n

Source: Merriam-Webster’s Dictionary of Law \u00a91996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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