Step 1: Understanding the Concept:
This question tests the general properties of ionic and covalent compounds. Conductivity requires the presence of free-moving charged particles (ions or electrons).
Step 2: Key Formula or Approach:
Evaluate each statement based on chemical principles:
Ionic bonds: Electrostatic, non-directional, soluble in polar solvents, conduct when molten/aqueous.
Covalent bonds: Shared electrons, directional, generally non-conductors.
Step 3: Detailed Explanation:
Statement 1: Correct. Ionic bonds are electrostatic attractions acting in all directions around an ion.
Statement 2: Correct. Under standard conditions, the maximum bond order between two atoms is 3 (triple bond), like in $N \equiv N$ or $HC \equiv CH$.
Statement 3: Incorrect. Covalent compounds consist of neutral molecules. Even in a fused (molten) state, they do not have free ions to carry electric current. (Exceptions like graphite exist, but as a general rule, this is false).
Statement 4: Correct. Being polar, ionic compounds generally dissolve in polar solvents like water ("like dissolves like").
Step 4: Final Answer:
Statement (3) is incorrect.