What does 'simultaneous issue' typically refer to in title insurance?

'Simultaneous issue' in title insurance specifically refers to the practice of issuing multiple title insurance policies at the same time, typically on the same property transaction. This often occurs in real estate transactions where both the lender and the buyer require separate title insurance coverage. The lender's policy protects their interest in the title, while the owner's policy protects the buyer's interest. By issuing both policies simultaneously, efficiency is increased, and cost savings may also be passed on to the buyer due to reduced overall title costs.

The choice that mentions inspecting the property before policy issuance does not relate to the concept of simultaneous issue, as that refers to the requirement for evaluating the property’s condition or title history prior to issuing any policies. Issuing one policy for multiple properties or single insurance policy transfers also diverges from the standard definition of simultaneous issue in title insurance, which focuses on the issuance of distinct policies for different parties involved in the same transaction. Thus, the focus on issuing multiple policies on the same property accurately captures the meaning of simultaneous issue in this context.