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Horace Borrowed $100 000 from Blossom

question 78

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Horace borrowed $100 000 from Blossom.As security for repayment of that loan,he created a mortgage over a piece of land called Blackacre.Horace has repaid part of the loan,but still owes $40 000 to Blossom.He is unable to repay the outstanding amount or make the next mortgage payment.Which of the following statements is TRUE?


Definitions:

Maximum Loan

The largest amount of money that one can borrow from a lender under specified terms.

Insured

An insured individual is someone who is covered under an insurance policy, protecting them against certain risks or losses.

Deductible

The amount paid out of pocket by the policyholder before an insurance company pays any expenses.

Medical Bills

Charges incurred for medical products or services, including hospital care, physician services, and medications.

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