Business Dictionary :
Annuity, Annuitant, Annul, Annullable and Annulment

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Annuity : noun : money paid each year to a retired person usually in return for a lump sum payment

• He has a government annuity or an annuity from the government.

• To buy or to take out an annuity

• Annuity for life or life annuity = annual payments made to someone as long as he is alive

Reversionary Annuity = annuity paid to someone on the death of another person

NOTE : Plural is annuities

Annuitant : noun : person who receives an annuity

Annul : verb : to cancel or to stop something being legal

• The contract was annulled by the court.

NOTE : annulling - annulled

Annullable : adjective : anything which can be cancelled

Annulling : adjective : a person or a thing which cancels

Annulling Clause : noun : act of cancelling

• The annulling of a contract

Annulment : noun : act of cancelling

• Annulment of a contract

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