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From: Webster's Revised Unabridged Dictionary (1913)

 Ex·pect·ance Ex·pect·an·cy n.
 1. The act of expecting; expectation.
 2. That which is expected, or looked or waited for with interest; the object of expectation or hope.
    The expectancy and rose of the fair state.   --Shak.
 Estate in expectancy Law, one the possession of which a person is entitled to have at some future time, either as a remainder or reversion, or on the death of some one.