Final answer:
Insurance on the producer's own life or the lives or property of the producer's family or business associates refers to Controlled Business, which is the sale of policies within one's close network and is regulated to prevent potential abuses.
Step-by-step explanation:
The insurance on the producer's own life, or the lives or property of the producer's family or business associates, is typically referred to as Controlled Business. This type of insurance involves the sale of policies to oneself, one's immediate family members, business partners, or to an employer (if the producer is an employee of the insurer). This practice is often regulated by state insurance laws to prevent abuses such as producers writing business primarily among their relatives or business associates to secure commission-based income. Controlled business does not typically refer to employment-based insurance or direct-purchase insurance, as these are policies obtained through an employer or directly from an insurance company, correspondingly.