What does address service requested mean?

That means that if you move, instead of the letter being forwarded on to the new address, the Postal Service sticks ont he yellow label and returns it to the sender (usually a business) who pays 75 cents per mail piece to keep your information updated in their mailing lists.

This will delay the mailpiece getting to you, though
It means that the company is requesting the post office to provide them with your new address if you have moved. This enables them to get the mail to you if they do not have your new address and also allows them to update their database with the new address.
It is when a company is requesting the post office to let them know of a new address. There is a charge for the service.

These are additional endorsements that are available:
Return Service Requested
Change Service Requested
Forwarding Service Requested
That is written on many envelopes because the company wants the Postal Service to forward the mail if the addressee has moved. Typically the Postal Service doesn't forward certain items like junk mail.
I think it means that if the addressee is no longer living at the specific address, the company that sent the envelope requests that it be notified of the fact, that the envelope be fowarded, and that the company be provided with the new address.

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