Final answer:
An annuity contract is a financial product that provides a fixed sum of money paid every year, either in a lump sum or over time, and is typically purchased from an insurance company.
Step-by-step explanation:
An annuity contract includes a fixed sum of money paid every year, either in a lump sum or over time. It is a financial product designed to provide a steady income stream during retirement. Annuities are typically purchased from an insurance company.
The contract specifies the amount and duration of the payments, as well as any other terms and conditions.