Question 1 (8 marks) Samuel owns a private jet for pleasure use during weekends. Upon renewal of his personal insurance policy, Samuel was told by his insurance broker that the private jet is excluded as a personal property under his homeowners' insurance policy. a. What reason justifies the insurance company to treat the private jet as an excluded property under the homeowners' policy? 3 marks b. Other than the reason suggested for 1(a) above, identify and explain two additional grounds for inserting exclusions or exceptions in insurance policies. 5 marks