Which of the following is an adequate definition of an annuity contract? 1. The income that an individual receives through a contract. 2. A policy contract that agrees to pay the insured a regular income over a specific number of years. 3. A contract where the insurer agrees to pay a regular premium in order to receive a lump sum at a later date. 4. The amount that an individual pays in exchange for a regular income for a number of years