All of the following are characteristics of inland marine floater policies EXCEPT The amount of insurance can be selected by the purchaser. Coverage applies only when the property is at a specified location, such as the insured's home. Broader coverage can be obtained through an inland marine floater policy. Coverage can be specifically tailored to the specific type of personal property insured. Question 24 (1.538461538 points) Listen Saved Paul has a personal auto policy with a per-person liability limit of $300,000. He also has a personal umbrella policy with a limit of $2,000,000. How much will be paid by each policy if a person wins a judgment of $500,000 against Paul as a result of bodily injury arising from the auto accident? The auto policy will pay nothing, and the umbrella policy will pay $449,000, The auto policy will pay $300,000, and the umbrella policy will pay $200,000 The auto policy will pay $250,000, and the umbrella policy will pay $250,000 The auto policy will pay $300,000, and the umbrella policy will pay $199,000