Annuity:
An annuity is a contract between you and an
insurance company in which you make a lump sum payment or series of payments
and in return obtain regular disbursements beginning either immediately or at
some point in the future.
Ordinary
annuity: A series of equal payments made
at the end of each period over a fixed amount of time.
Annuity due: An annuity whose payment is to be made immediately,
rather than at the end of the period.
