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Which of the following statements concerning personal umbrella liability insurance is(are) CORRECT? I. The personal umbrella policy will cover for certain liabilities that typical homeowners

Which of the following statements concerning personal umbrella liability insurance is(are) CORRECT?

I. The personal umbrella policy will cover for certain liabilities that typical homeowners and personal automobile policies do not (ie: liable).

II. The personal umbrella policy requires the policyowner to carry certain underlying liability coverages of specified minimum amounts because a claim made under an umbrella policy will pay only after the limits of the underlying policy are exhausted.

I only

II only

Neither I nor II

Both I and II

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