Debit system

{
  "id": "MLC-T-INS-001084",
  "term": "Debit system",
  "field": "Insurance and risk management",
  "definition": "A method of collecting insurance premiums, primarily for industrial life insurance, where an agent regularly visits policyholders in a specific territory to collect small, frequent payments. This system involves the agent maintaining a 'debit' or list of policies for which they are responsible for collecting premiums. It was historically prevalent but has largely been replaced by automated payment methods.",
  "url": "https://mlchart.com/terminology/insurance/debit-system/"
}