In addition to these policies, he is considering an umbrella liability insurance policy with limits of $1 million. Which of the following statements regarding umbrella policies are true? Check all that apply. If Mitch is sued by a client and must pay $110,000 in damages, his umbrella policy will pay the $10,000 above the limits of his professional liability policy. If Mitch causes an automobile accident and the medical bills for the other driver and his or her passenger are $110,000 ($80,000 and $30,000, respectively), the umbrella policy will cover $10,000 of the cost. The cost of the additional umbrella policy is high and is only worth that cost if Mitch is wealthy