Which of the following statements about life income settlement options is (are) true?

I. Under a joint-and-survivor life income option, payments cease at the death of the first annuitant.
II. Under a life income with guaranteed period, a contingent beneficiary is guaranteed a minimum number of payments regardless of when the primary beneficiary dies.
A) I only
B) II only
C) both I and II
D) neither I nor II

Answer: D