Valuation of an annuity entails calculation of the present value of the future annuity payments. A life annuity is a form of longevity insurance. An annuity which begins payments only after a period is a "deferred annuity". An annuity which begins payments without a deferral period is an "immediate annuity". In 1987, the Minimum Retirement Sum Scheme annuity was introduced. The monthly payment formula is based on the annuity formula. Auto-Owners consists of five property and casualty companies and a life/health/annuity insurer. It was worth over $211 million in annuity payments; it was sold in Morris Plains. The ticket was worth over $211 million annuity (the cash option was chosen). Prince Michael has never received a parliamentary annuity or an allowance from the Privy Purse. A CRUT is a potentially attractive alternative to the purchase of an annuity. The basic symbol for the present value of an annuity is formula 81. It combines features of a group annuity and a lottery. It was normally awarded with an annuity or gratuity. It is sometimes referred to as a perpetual annuity.