Which term describes insurance written on the interest of the licensee, their employer, or their immediate family?

The term "controlled business" refers to insurance policies that are issued on the interests of the licensee, their employer, or their immediate family. This concept is crucial in the insurance industry as it defines the scope of business that an agent can write in relation to their personal or familial connections. Controlled business is typically scrutinized to prevent potential ethical issues, such as agents profiting solely from personal relationships rather than serving a broader client base.

This term is distinct from the others presented in the question. While "key person insurance" pertains to coverage for individuals crucial to a business's operations, typically to ensure financial stability in the event of their loss, it does not encompass family or immediate personal interests as broadly as controlled business does. "Strategic insurance" and "family insurance" do not specifically align with the definition involving the interests of a licensee or their immediate family, making "controlled business" the most accurate choice in this context.