Consider the following statements regarding Insurance Sector:

I. Vicarious Liability is the legal responsibility for the wrong committed by another person.

II. Valued Policy is an insurance policy that has a sum insured against each item of the property but is not acknowledged by the insurer as true value. In the event of a claim, the insured must prove the actual value of the item.

III. Unvalued Policy is an insurance policy that has values assigned to insured items, the values being agreed upon by the insurer. In the event of a claim for total loss, that is the sum paid without the need for further negotiation.

Which of the above statements is/are correct?