A life insurance company is developing a $20-$year term life insurance product with the following features:

$-$ The product does not pay any dividends or bonuses.

$-$ The premium and death benefit are both level throughout the $20$ year term period.

$-$ The product offers no cash value or surrender benefits.

$-$ At the end of the $20$ year term period, the policyholder may either let the policy expire or convert it to a whole life insurance product.

Which of the following statements regarding this product are correct?

I. The product is a participating product.

II$.$ The product is a renewable product.

III. The product is equity$-$linked.

I only

II only

III only

I and II only

None of I, II$,$ or III