Well, using a converter is one option, and you can also use Multi Data Triggers (no one solution is better, depends on your scenario).
You need to set this in your control's (or DataTemplate's) Triggers collection:
<DataTemplate.Triggers>
<MultiDataTrigger>
<MultiDataTrigger.Conditions>
<Condition Binding="{Binding IsInstalled}" Value="True"/>
<Condition Binding="{Binding IsOwned}" Value="False" />
</MultiDataTrigger.Conditions>
<MultiDataTrigger.Setters>
<Setter TargetName="SkullImage" Property="Visibility" Value="Visible" />
</MultiDataTrigger.Setters>
</MultiDataTrigger>
</DataTemplate.Triggers>