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Option 1: This statement is correct. London has hosted the modern Olympic Games three times, including the 2012 Olympics. The previous two times were in 1908 and 1948.
Option 2: This statement is correct. The motto of the London Olympics in 2012 was `Inspire a Generation`. This motto reflected the intention to inspire the younger generation to participate in sports and lead an active lifestyle.
Option 3: This statement is incorrect. Saina Nehwal was not the official flag bearer of the Indian contingent at the opening ceremony of the London Olympics. The flag bearer for India at the 2012 Olympics was wrestler Sushil Kumar.
Based on the analysis of each option, the correct answer is option 3 (1 and 2 only). Option 3 correctly states that London hosted the Olympics twice before and that the motto of the 2012 Olympics was `Inspire a Generation`.