21) Which of the following statements is (are) true with respect to annuities? 1. The fundamental purpose of annuities is to replace lost income in case of premature death. II. Annuity payments will be higher if the annuity is funded with life insurance cash value rather than outside funds. A) I only B) II only C) both I and II D) neither I nor II een for a fixed annuity when he was 50 years old. At