General Terms


Agent/Producer

Anyone who sells or aids in the selling of insurance, the delivery of policies, or the collection of premiums on the behalf of an insurance company: a legal representive of an insurance company.

Annual Premium

The total dollar amount which must be paid on an annual basis to keep the policy inforce.

Insured

The indivual(s) covered by the policy of insurance

Lapsed Policy

A policy whose coverage has terminated because of nonpayment of premiums.