Which of the following statements regarding annuity settlement or payout options is NOT true?
1) Annuity settlement options provide a series of periodic payments over a specified period of time.
2) Annuity payout options allow for a lump sum payment of the entire annuity amount.
3) Annuity settlement options can be customized to meet the individual's financial needs.
4) Annuity payout options may include a combination of lump sum and periodic payments.