What is one right that lenders have when it comes to policies held by borrowers?

Lenders have the right to receive written notice of policy changes as it ensures they are informed about any adjustments that could affect the borrower's insurance coverage on the property securing the loan. This right is crucial for lenders because any change in the insurance policy could impact the value of their collateral.

For example, if a borrower reduces their coverage or changes critical policy terms, it can increase the risk for the lender. By receiving written notice, lenders can take appropriate steps to protect their interests, such as requiring the borrower to obtain additional coverage or adjust loan terms. This practice helps maintain transparency and protects both the lender's and borrower's rights.

While the other options may seem relevant, they do not accurately reflect the rights of lenders regarding borrower-held policies. Lenders do not have the authority to access the property at any time without permission, make unilateral changes to insurance policies, or impose higher deductibles without agreement from borrowers. Therefore, the right to receive written notice of policy changes is essential for lenders to ensure their financial interests are safeguarded.