Which of the following statements regarding annuities is NOT correct?

A) Pure life annuities provide income as long as the annuitant lives; benefits terminate at death.
B) An annuity can be classified as immediate or deferred, depending on when benefit payments begin.
C) Annuities that pay benefits in specified dollar amounts are fixed annuities; annuities that pay benefits in relation to units are variable annuities.
D) An installment refund annuity guarantees a specific amount of benefits, payable to the annuitant only; if death occurs before total payout, an amount equal to all premiums is refunded to the annuitant's estate or beneficiary.

Ans: D) An installment refund annuity guarantees a specific amount of benefits, payable to the annuitant only; if death occurs before total payout, an amount equal to all premiums is refunded to the annuitant's estate or beneficiary.