All of the following statements concerning annuities are correct EXCEPT A) an annuity may be payable periodically for an amount determined by the annuitant B) a deferred annuity is one in which the first benefit payment is due 1 payment interval after the date of purchase c) a joint-and-last-survivor annuity provides income that ceases only upon the last death among the lives covered OD) a straight life annuity provides periodic (usually monthly) income payments that continue as long as the annuitant lives, and it terminates at the annuitant's death