1. in insurance coverage it's a rule that cancels insurance if owner offers the property. 2.in that loan it's the guideline saying the asset is owned once the loan is paid-in complete.
1. Insurance: Provision generally insurance policies that voids the cover if policyholder sells the insured asset or property. This new owner must negotiate a brand new plan. 2. Lending: Provision in a loan agreement, under that the loan must be paid in complete in the event that ownership of this mortgaged asset or residential property is usually to be transmitted (alienated) to an entity apart from the borrower (mortgagor).