3 The Insured has $1 million liability limit on his automobile policy. Heexcluded his son from the policy as the son is away at school and he didnot want to pay an occasional driver premium. While at home, the sontakes the car and has an at fault accident causing $1 million in damagesand a resulting lawsuit. Is the insurance company liable to pay thedamages and how much will they pay?Yes, the policy will pay up to the limit of liability based on the liability limitsrule.No, they will not pay the claim, as the driver of the car is excluded from thepolicy.Yes, they will pay up to the absolute liability limit which is $200,000.No, they are not liable for the $1 million lawsuit, but will pay for the physicaldamages. Certain Accident Benefits described in O.A.P.1 Owner's Policy are notpayable in all motor vehicle accidents. Which one (1) of the followingwould be fully entitled to the benefits?A driver operating an automobile not insured under a motor vehicle liabilitypolicy.A driver who is not the registered owner of the vehicle.A driver who does not have a valid Driver's Licence.A driver operating a vehicle without the owner's consent.

Insurance refers to a type of financial product intended to shield people and businesses from the…

Answered: The Insured has $1 million liability…

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