Which of the following statements is (are) true with regard to the recovery basis under an unendorsed ISO Homeowners 3 policy?

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Which of the following statements is (are) true with regard to the recovery basis under an unendorsed ISO Homeowners 3 policy?

I. Losses to the dwelling and other structures are settled on an actual cash value basis.

II. Personal property losses are settled on the basis of replacement cost.

a.I only

b.II only

c.both I and II

d.neither I nor II

Answer: D

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