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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