All of the following statements concerning a personal auto policy's (PAP's) Part A–Liability coverage are correct EXCEPT?
1) Part A of the PAP provides payment for the medical expenses of an insured as a result of an automobile accident.
2) Part A of the PAP provides liability protection to any insured that is legally responsible for an automobile accident.
3) Part A of the PAP excludes protection to an insured's owned property.
4) The insurer retains the right to defend or settle any claim or suit, and any settlement and defense costs are paid in addition to the policy limits.