Definitions (2)
1. Insurance: Provision in general insurance policies that voids the cover if the policyholder sells the insured asset or property. The new owner must negotiate a new policy.
2. Lending: Provision in a loan agreement, under which the loan must be paid in full if the ownership of the mortgaged asset or property is to be transferred (alienated) to an entity other than the borrower (mortgagor).
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