Which of the following regarding the CAPM is NOT correct?

CAPM implies that if an asset's payoff is high when the economy is bad (i.e., counter cyclical), its required rate of return should be low or even negative. I

f an asset rises more than the market when the market goes up, and falls more the market when the market goes down, then the required rate of return of the asset should be high.

It is reasonable that insurance should have negative required rate of return.

If an asset's payoff is high when the market crashes, its correlation coefficient (beta) should be positive.