The agency and the market

Agency management system (AMS): The system of record an insurance agency runs on. It holds clients and policies, produces forms and certificates, tracks commissions and drives renewal work. What Agency Nexus includes.
Book of business: All the clients and policies an agency or a producer manages, and the commission they produce. It is the agency's main asset.
Independent agency: An agency that represents several insurance companies rather than one, so it can place each client with the carrier that fits.
Property & Casualty (P&C): Insurance for property and for liability to others: home, auto, commercial property, general liability, workers' compensation and umbrella, among others.
Carrier: The insurance company that issues the policy and carries the risk.
Managing general agent (MGA): An intermediary that a carrier authorises to underwrite, and often bind, on its behalf. Agencies place business through MGAs as they would through a carrier.
Producer: The licensed person who sells and owns the client relationship, and usually earns a share of the commission on the accounts they write.
Customer service representative (CSR): The person who services existing policies: endorsements, certificates, billing questions and client requests.
Surplus lines: Coverage placed with a non-admitted insurer for a risk the standard market will not write. It is placed through a specially licensed agent and carries its own taxes and filings.

Policies and renewals

Binder: Temporary evidence that coverage is in force, issued before the policy itself is ready.
Endorsement: A change to a policy during its term — adding a vehicle, a location or an additional insured — which can raise or lower the premium.
Renewal: Continuing a policy for a new term when the current one expires, with the same carrier or a different one. Renewal automation in Agency Nexus.
X-date: The expiration date of a prospect's current policy with another agency. It tells a producer when to reach out.
Loss runs: A report from a carrier listing the claims on a policy over a period. Other carriers ask for it before quoting a renewal or a new account.
Remarket: Shopping an account to other carriers at renewal, usually because the premium rose or the coverage no longer fits.
Premium audit: A review after the policy term of the actual exposure, such as payroll or sales, which adjusts the final premium up or down. Common in workers' compensation and general liability.
Broker of record (BOR): The agent or broker a client has designated to represent them with a carrier. A BOR letter moves that designation from one agency to another.

ACORD: The industry organisation that publishes the standard forms US insurance runs on, from applications to certificates of insurance. The ACORD forms Agency Nexus fills.
Certificate of insurance (COI): A document that summarises a client's coverage for a third party who needs proof of it. It informs; it does not change the policy. Certificates in Agency Nexus.
ACORD 25: The Certificate of Liability Insurance: the standard certificate for general liability, auto, umbrella and workers' compensation.
Certificate holder: The person or organisation a certificate is issued to, such as a general contractor, a landlord or a lender.
Additional insured: A person or organisation added to a policy's coverage, usually by endorsement. A certificate can show the status, but only the policy creates it.
Waiver of subrogation: An agreement by the insurer not to seek repayment from a named third party after paying a claim that third party caused.

Direct bill: The carrier bills and collects premium from the insured directly, and pays the agency its commission on a statement.
Agency bill: The agency bills and collects premium from the insured, keeps its commission and sends the rest to the carrier.
Commission statement: The carrier's list of the commission it paid the agency for a period, line by line.
Commission reconciliation: Comparing a commission statement against the commission the agency expected, and resolving every difference. Commission reconciliation in Agency Nexus.
Commission split: The share of the agency's commission paid to a producer, servicing agent or CSR on a policy.
Chargeback: Commission taken back when premium is returned, for example after a cancellation or a return-premium endorsement.
Return premium: The unearned premium refunded to the insured when a policy is cancelled or reduced.
Flat cancellation: A cancellation effective from the policy's start date, as if it never took effect, so no premium is earned.
Pro-rata cancellation: A cancellation that returns the unearned premium in exact proportion to the unused part of the term.
Short-rate cancellation: A cancellation that returns the unearned premium less a penalty, typically when the insured cancels early.

The frequently asked questions cover how Agency Nexus works, and the features page lists every module.