Joe owns a house on which he carries a $400,000HO3 policy it contains an 80% coinsurance clause. The replacement cost of the house is $600,000. A fire loss occurs that has a replacement cost of $75,000. How much can Joe collect under his HO-3 policy (assume $0 deductible, ignore the ACV calculation and assume there is no fraud or other unusual circumstances surrounding the loss) A $50,000 B. $75,000 c. 562,500