Which of the following is incorrect? A person has an insurable interest in property whenever the destruction of the property will cause a direct monetary loss to that person. To collect on life insurance, the beneficiary who obtained the policy must have had an insurable interest at the time the policy was obtained. To collect on life insurance, the beneficiary who obtained the policy must have had an insurable interest at the time of the insured's death. To collect on property insurance, the insured must have an insurable interest at the time the loss occurs.

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