It is a derogatory industry term, also called janitor insurance. I can't find a source that says they called it that internally, which I think is relevant to th

It is a derogatory industry term, also called janitor insurance. I can't find a source that says they called it that internally, which I think is relevant to the image being painted. I did find that winn-dixie (a grocer) insurance consultants did use the term internally. Source: https://www.wsj.com/public/resources/documents/april_19.htm https://www.wsj.com/public/resources/documents/april_19.htm