Annuity

An Annuity is a series of cash flows (payments) received at regular intervals.

 

Other types of annuities

 

Ordinary Annuity.  A series of equal payments made at the end of equal time periods.  An ordinary annuity is assumed when using the compound interest tables.  A Level Annuity and a Straight-line Annuity is the same as an ordinary annuity.

 

Annuity in Advance.  A series of equal payments made at the beginning of equal time periods.

 

Other types of annuities (undefined in this glossary):

 

Constant Ratio Annuity

Variable Annuity

Life Annuity

Reverse Annuity Mortgage

Step-up Annuity

Step-down Annuity

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