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# Annuities for Lives

## Definition

Financial instruments that provide regular payments for the duration of
specified individuals' lives, commonly used by governments to borrow money
by selling the right to receive annual payments while the annuitant lives.

## Source Chapter

Book V, Chapter 3

## Context

Smith examines annuities for lives as one method of government borrowing,
noting their popularity in France and explaining why they are less attractive
to English merchants who prefer perpetual annuities.

## Economic Domain

Regulation

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