Craig owns a home with a replacement cost of 200000 that is, Ask an Expert

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Craig owns a home with a replacement cost of $200,000 that is subject to a $100,000 mortgage held by First Federal as the mortgagee. Craig has the home insured for $160,000 under the HO-3 policy, and First Federal is named as mortgagee under the Mortgage Clause. Assume there is a covered fire loss to the dwelling in the amount of $50,000. To whom would the loss be paid? Explain your answer.

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Category:- Basic Finance
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