What term refers to insurance written on the interests of the licensee, their employer, or immediate family?

The term "controlled business" specifically refers to insurance policies that are written on the interests of the licensee, their employer, or immediate family members. This type of business is often subject to specific regulations because it can present potential conflicts of interest and issues related to the relationship between the insurer and the insured. In general, the term is used in the insurance industry to denote situations where the licensee may have a financial interest that could influence their professional judgment.

Understanding "controlled business" is critical for insurance professionals, as there are often rules and limits on how much of this business can be conducted to prevent abuse or ethical violations. In many jurisdictions, insurance regulators impose rules to ensure that agents do not excessively write policies for themselves or their family members, thereby promoting fair and responsible business practices.