An emulsion can be defined as a colloid consisting of two or more non-homogenous type of liquids wherein one of the liquid contains the dispersion of the different form of liquids.
Oil in water emulsions can sometimes separate into two layers on standing.
The most relevant example for the above case is milk, which can separate into two layers on standing for a longer time. Therefore, statement (I) is correct.
On adding excess of electrolyte, coagulation occurs and emulsion is further destabilised.
Therefore, statement (II) is incorrect.