annuity

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annuity:

see insuranceinsurance
or assurance,
device for indemnifying or guaranteeing an individual against loss. Reimbursement is made from a fund to which many individuals exposed to the same risk have contributed certain specified amounts, called premiums.
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References in periodicals archive ?
Importantly, even if individuals with very short life expectancies are required to annuitize in a market where pricing is based on high survival probabilities (i.
Social Security system, individuals are forced to annuitize in a constant real annuity and are constrained against borrowing from future annuity payments.
296 when evaluated using log utility Thus, even though the money's worth calculation indicates that poorly educated black men receive negative transfers on the order of 20 percent from being required to annuitize at a uniform price, the utility gains are still substantial.