Under an Insurance Policy with a Coverage of $50,000/$120,000, with Damages

Under an insurance policy with a coverage of $50,000/$120,000, with damages totaling $60,000 in a lawsuit for plaintiff 1 and $10,000 for plaintiff 2, the insured is responsible for ___________.

A) $60,000
B) $10,000
C) $50,000
D) $40,000