Business entity: a corporation, association, partnership, Limited Liability Company, limited liability partnership or other legal entity. Not to be confused with a Company (an insurer or carrier.)
Company: the insurer or carrier of insurance providing products for sale.
Producer: a person required to be licensed under the laws of this state to sell, solicit or negotiate insurance. We refer to business entities as producers as well.
DRLP: Designated Responsible Licensed Producer is an individual responsible for the business entity’s compliance with the insurance laws and rules of this state. This individual should carry all lines of authority the agency is requesting.
Service of Process: a process whereby nonresident producers shall appoint the director as their agent for purposes of receiving service of legal process issued against the producer in this state upon causes of action arising within this state out of transactions under the license.
DBA or Assumed Business Name: any name other than the true name of any formally organized or registered entity, under which name the entity holds itself out for the transaction of business in the state of Idaho.
For a full list of insurance licensing terms please click here.