(1) The amount of premium charged or debited to an agent, to be collected; (2) The book of business represented by such premiums; (3) The territory where most of the insureds are located; (4) The total number of individual or home service insureds assigned to a given agent for collection of weekly or monthly premiums and for servicing, commonly referred to as “people in my debit”.

Assignment of a Life Insurance policy or its value, as security for a loan. In the event of default, the creditor would receive proceeds or values only to the extent of his interest.

A policy provision found most frequently in juvenile contracts, providing that ownership control is to be exercised for a stated or indefinite duration by a person other than the one whose life is insured.

An agent who works on the debit system.

The debit agent’s record book showing the amount collected on each policy, the week of the collection, and the policy period for which the premium has been paid.

This is the right of an individual to convert a Group Health or Life policy to an individual policy, should the individual cease to be a member of the group. Usually this can be done without a physical examination.

See Industrial Life Insurance.

A percentage of premiums collected, which is paid to an agent as the commission on his collections of Debit Life Insurance premiums. (LI)

A policy that may be changed to another form by contractual provision and without evidence of insurability. Most Term policies are convertible into permanent insurance.

The system of collecting insurance premiums weekly or monthly by an agent.