Annuity Legal Meaning and Definition

Here is a simplified definition of the legal term Annuity.

Annuity (noun): An annuity is a legally binding contract between an individual and an insurance company where the individual makes a lump sum payment or a series of payments in return for regular disbursements, beginning either immediately or at a later time. These are primarily used as a method to secure a steady cash flow for an individual during their retirement years. It's important to note that this term does not relate in any aspect to the concept of assault, as presented in your example. Assault, instead, pertains to instances of intentional harm or threat of harm against another person.