Changes in the residual value of the underlying asset or changes in the estimated economic life of the asset during the lease term do not, by themselves, lead to a reassessment of the lease classification for accounting purposes. According to the reference material, the classification of a lease as either a finance or operating lease is determined at the lease's inception and is generally not reassessed later, unless there is a lease modification that meets certain conditions. Lease modifications that result in a lease being effectively replaced by a new, separate lease would require a reassessment of the lease classification. Therefore, the correct statement is:

Lease modifications that give rise to separate leases would be reassessed for lease classification.