Ted borrowed $140,000 from ABC Bank to buy a house, pledging the house as collateral for the loan. Shortly after buying the house, Ted lost his job. He couldn't find another job and couldn't pay the monthly mortgage. Ted set fire to the house. The claims adjuster suspected arson and an investigation showed that Ted intentionally caused the loss. Under the Mortgage Rider of the Homeowners 3 policy, how will this loss be settled?

Answer rating: 100% (QA)

As per the Mortgage Rider of the Homeowners 3 policy in case of intentional loss or damag... View the full answer