until the earlier death of member or death of spouse, to someone currently age 65 and spouse age 64 indicates an annuity of 1 unit per year until the later death of member or death of spouse, to someone currently age 65 and spouse age 64. indicates an annuity of 1 unit per year payable 12 times a year (1/12 unit per month) until death to someone currently age 65 indicates an annuity of 1 unit per year payable at the start of each year until death to someone currently age 65 or in general: , where is the age of the annuitant, is the number of years of payments (or until death if earlier), is the number of payments per year, and is the interest rate. In the interest of simplicity the notation is limited and does not, for example, show whether the annuity is payable to a man or a woman (a fact that would typically be determined from the context, including whether the life table is based on male or female mortality rates). The Actuarial Present Value of life contingent payments can be treated as the mathematical expectation of a present value random variable, or calculated through the current payment form. Life insurance The basic symbol for a life insurance is . The following notation can then be added: Notation to the top-right indicates the timing of the payment of a death benefit. A lack of notation means payments are made at the end of the year of death. A figure in parenthesis (for example ) means the benefit is payable at the end of the period indicated (12 for monthly; 4 for quarterly; 2 for semi-annually; 365 for daily). Notation to the bottom-right indicates the age of the person when the life insurance begins. Notation directly above the basic symbol indicates the "type" of life insurance, whether payable at the end of the period or immediately. A horizontal line indicates life insurance payable immediately, whilst no mark above the symbol indicates payment is to be made at the end of the period indicated. For example: indicates a life insurance benefit of 1 payable at the end of the year of death. indicates a life insurance benefit of 1 payable at the end of the month of death. indicates a life insurance benefit of 1 payable at the (mathematical) instant of death. Premium The basic symbol for