What situations trigger the simultaneous issue rate?

The simultaneous issue rate is a pricing benefit offered when both an owner's policy and a lender's policy are purchased at the same time. This approach encourages buyers to obtain title insurance that protects their ownership interest along with the lender's interest in the property.

In this scenario, when a buyer acquires both policies concurrently, the title insurance provider often extends a discount on the owner's policy, reflecting the reduced administrative cost and efficiency associated with issuing both policies together. This situation is designed to make obtaining title insurance more economical for buyers, ensuring they have the necessary protection for both ownership and lending interests.

Thus, selecting the option that indicates the purchase of both an owner's policy and a lender's policy accurately captures the essence of what qualifies for the simultaneous issue rate.