Which of the following are important characteristics of an immediate straight life variable annuity? It provides a stream of income for the life of the annuitant. It is payable to the annuitant's estate upon his or her death. The policy is taxed in the same manner as mutual funds. It is included in the annuitant's gross estate.

A) I and III
B) I, III, and IV
C) I only
D) III and IV