Which of the following is (are) TRUE on Jacks life insurance policy?

I. Jack does not need to prove he has insurable interest on his own life when he purchases a life insurance policy

II. The beneficiary does not need to have insurable interest to collect from Jacks life insurance policy

III. Jack cannot transfer his life insurance policy to another party without his insurers consent

1. I and III only

2. II and III only

3. I, II, and III

4. I and II only