The correct answer is option 1, which states that only statement 1 is correct. Let`s dissect each option to understand why this is the correct answer.

Option 1: This option states that statement 1 is correct. Water does indeed have a higher specific heat compared to other liquids. Specific heat is the amount of heat required to raise the temperature of a substance by a certain amount, and water requires more heat to raise its temperature compared to other liquids. This property of water is important in regulating temperature in living organisms and helps to maintain a stable environment.

Option 2: This option states that statement 2 and 3 are correct. However, this is incorrect. Water does have a dipole moment, which means that it has a separation of positive and negative charges due to its polar covalent bonds. This polarity is responsible for many of the unique properties of water.

Option 3: This option states that statement 1 and 3 are correct. As mentioned earlier, statement 1 is indeed correct. However, statement 3, which claims that water has low heat of vaporization, is incorrect. Water actually has a relatively high heat of vaporization, which means that it requires a significant amount of heat to convert water from a liquid to a gas