4. Consider Additional Liability Insurance. Victor and Marias next-door neighbor, Ray Jackson, was recently sued over an automobile accident and eventually was held liable for $437,000 in damages. Rays automobile policy limits were 100/300/50. Because of the shortfall, he had to sell his house and move into an apartment. Victor and Maria are now concerned that a similar tragedy might potentially befall them. They have an automobile policy with 50/100/25 limits.

a) Explain Victor and Marias automobile liability insurance coverage in detail. (5 pts)

b) How might Victor and Maria more fully protect themselves through automobile insurance policy? (5 pts)

c) If Victor and Maria have a homeowners policy with $100,000 in comprehensive personal liability coverage and Maria has a small ($100,000) professional liability policy for her work as a medical records assistant. What additional benefits would they receive in buying an umbrella liability policy? (5 pts)