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

I. Under a joint-and-survivor life income option, payments cease at the death of the second (last surviving) 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