Finance
A Mississippi lender requires a borrower to maintain a hazard insurance policy with coverage at least equal to the:
AMarket value of the property
BOutstanding loan balance or the replacement cost of improvements, whichever is less✓ Correct
CAssessed value as determined by the county
DOriginal purchase price of the property
Explanation
Lenders typically require hazard insurance equal to at least the outstanding loan balance or the replacement cost of the improvements (structure), whichever is less, to protect their collateral.
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