Share Token Alternative

This is a system I see more and more online sites especially banks adopt.

Basically its a Image/Code shared secret system. But I'm requesting this get implemented when you attach a token to your account so that in case you lose or break your token you can still access your account easily.

When you set up your Token it asks you to pick three images from a selection. Each image you then tie to a specific password.

Then when you attempt to log on without your token it prompts you to use the Image/Code password.

It randomly selects a picture from your list and asks you for the password for it. If successful it lets you in. If you fail once it locks the account until either the token is used or you contact customer support.