All of the following statements concerning annuities are correct EXCEPT

The pure life annuity is ideal for the person who needs maximum income spread out over a lifetime and has no living dependents to whom he or she wishes to leave assets.

A life annuity with guaranteed minimum payments ensures that the annuitant either receives a minimum number of payments, or will have lifetime income; whichever is greater.

An installment refund annuity is an annuity that allows the annuitant to get a refund of his or her principle remaining at any time.

A joint and survivor annuity is an annuity based on the lives of two or more annuitants, usually husband and wife.