Final answer:
An occupational license is not a customary term of a contract in an insurance transaction. It is a certification required for professionals to work in various fields, unrelated to insurance policy terms such as premiums or deductibles.
Step-by-step explanation:
An occupational license would NOT be considered a customary term of a contract between an insurance producer and customer during an insurance transaction. Occupational licenses are generally required for individuals to work in certain professions and are not directly related to the terms between an insurer and insured within an insurance policy contract.
Customary terms in an insurance contract typically include elements such as the premium, which is the payment made to the insurance company, and the deductible, which is the out-of-pocket expense that the policyholder must pay before the insurance coverage pays anything. Another term that might be included is a warranty or a service contract, which promises to fix or replace an item or to service any specified issue within the contract for a certain period of time.