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Insurance is valuable to individuals because 0 it allows individuals to shift consumption from periods when consumption is low to periods when consumption is high. 0 it permits individuals to engage in adverse selection. it allows individuals to smooth consumption over different possible states of the world. 0 All of the above are reasons why insurance is valuable to individuals. The consumption-smoothing benets associated with unemployment insurance arise because Q) the program taxes people who are working and uses the revenues to provide them with cash assistance if they lose their jobs through no fault of their own. 0 the marginal utility of income for people who are unemployed is lower than the marginal utility of income for people who are working. 0 unemployment insurance might induce some individuals to nd jobs more quickly than they otherwise would. 0 All of the above. Moral hazard with disability insurance arises because some individuals might O falsely claim they have a disability in order to claim disability insurance benefits. O take fewer precautions on the job to avoid suffering an injury that would make them eligible to receive disability insurance benefits. O not accept offers for jobs they could perform because doing so would reduce any disability insurance benefits they are currently receiving. O All of the above.An individual who prefers a guaranteed amount of money over a gamble with the