Can a person be the registered owner of a vehicle but be excluded from the insurance policy?

That would mean your "Un-Insured". also known as "Failure to provide required Financial Responsibility".

The owner of a vehicle can be held equally liable with the driver in the event of an accidental loss. The owner can still be sued even if they are not in the vehicle at the time of an accident.

Just like if your dog bites someone and your not around when it happens. You can still be held liable because it's your dog. Well, If your car injures someone and your not around, You can still be sued jointly and separately along with the driver for any injury or damage.

The Finance company wouldn't like it either, They may Repo it. If the financed party is excluded from the policy then that person has defaulted on the finance note. They are uninsured and no coverage would be offered to cover the excluded drivers losses and obligations to the finance company. This is a violation of the finance contract.

Auto Insurance is "Not" for the "Car", Auto Insurance is to protect "People" from losses that may arise from ownership or operation of a motor vehicle.

It's not a good idea to exclude party's with liability interests from the policy