- 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.
- 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
- the right to receive or the duty to pay such a sum
