�y��vlog

Annū′itant, one who receives an annuity.—Certain annuity, one for a fixed term of years, subject to no contingency whatever; Contingent annuity, one that depends also on the continuance of some status, as the life of a person whose duration is calculated by the theory of probabilities.

If an annuity is payable for a term of years independent of any contingency, it is called an annuity certain; if it is to continue for ever, it is called a perpetuity; and if in the latter case it is not to commence until after a term of years, it is called a deferred perpetuity.

He contended that the way to value an annuity is to find out the term of years which the individual has an even chance of surviving, and to charge for the life annuity the value of an annuity certain for that term.