Identify the incorrect statement w.r.t. universal rules of binomial nomenclature.

The universal rules of binomial nomenclature are:
1. Biological names are generally in Latin and written in italics. They are Latinised or derived from Latin irrespective of their origin.
2. The first word in a biological name represents the genus while the second component denotes the specific epithet.
3. Both the words in a biological name, when handwritten, are separately underlined, or printed in italics to indicate their Latin origin.
4. The first word denoting the genus starts with a capital letter while the specific epithet starts with a small letter.