My question is concerned about group of settings that can be found within development environment. Official help is very brief about this page. Specifically you can display them by clicking
Tools -> Options -> Debugger Options -> Embarcadero Debuggers -> Native OS Exceptions:

What is being influenced by changing values in columns “Handled by” and “On resume”? Can you explain in simple words what will be application behaviour under four possible combinations of switches i.e.
Handled by = Debugger, On resume = Run unhandled
Handled by = Debugger, On resume = Run handled
Handled by = User program, On resume = Run unhandled
Handled by = User program, On resume = Run handled
Handled by Debugger means that the debugger will be triggered by an exception and stop your program
Handled by User means that the debugger will trust your program to intercept any exceptions. (This is only really useful if your application uses exceptions as part of it’s internal logic and an exception isn’t truly exceptional)
Run unhandled means that the exception will pass through to the program so that the program will handle the exception.
Run handled means that the debugger will silently eat the exception and your program will just keep going. (This is usually considered a bad thing)