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Craig owns a home with a replacement cost of $200,000 that is subject to a $100,000...

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Accounting

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

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