Annuity
a fixed sum of money paid yearly. In the United States the granting of annuities is conducted by private companies or corporations. Under the Roman law annuities were sometimes granted by will, the obligation of paying them being imposed upon the heir. Borrowers in the Middle Ages were frequently obliged to grant annuities in lieu of interest, the exaction of which by creditors was forbidden as usury; and the practice received the papal sanction in the 15th century.