[D008]

debit

With respect to life insurance:

1) The amount of premium that is charged (or debited) against an agent for collection.

2) The book of business the premiums charged against an agent consist of.

3) In regard to the book of business charged to an agent, it may be the territory those insureds are located in.

4) In regard to the book of business charged to an agent, it may be the number of insureds assigned for premium collection.

With respect to commercial property and liability insurance: during the premium calculation process, debits refer to surcharges that may be assessed against an insured based on adverse individual risk characteristics or adverse loss experience, justifiable by verifiable facts. The factors qualifying for debit or surcharges are filed by the insurer and are approved by the various state jurisdictions.