What is it called when an owner's title insurance policy is issued at the same time as a mortgagee title insurance policy?

When an owner's title insurance policy is issued at the same time as a mortgagee title insurance policy, this situation is referred to as "simultaneous issue." This practice is common in real estate transactions, where the property owner obtains an owner's policy to protect their interest in the property, while the lender secures a mortgagee policy to safeguard their investment.

The term "simultaneous issue" highlights that both policies are processed concurrently, which can often result in cost savings for the buyer. Many title insurance companies offer a discount for issuing both policies at the same time, as it streamlines the title search process and reduces administrative overhead.

The other options, while they may sound plausible, do not specifically capture the scenario described. "Concurrent coverage" is a broader term often used in insurance contexts but does not specifically refer to the simultaneous issuance of title policies. "Combined title insurance" may imply the merging of different policies, which is not the same. Similarly, "joint issuance" is not a standard term used in the title insurance industry to describe this practice. Therefore, "simultaneous issue" is the precise terminology that accurately describes the issuance of both policies at once.