"And our master saw fit to refuse in such insulting terms that Hallow cursed him."
Because of the positive emotional attachement to that word, I don't think it will ever be regarded as an insulting term.
It's a really insulting term for most public sector workers, many of whom (ie care workers) are not at all well off.
They now refer to each other only in the most insulting terms.
A bum boy is an insulting term for a male homosexual.
Outside literature, the character's name has become an insulting term of disparagement.
We're in what we call the 'human' band, although that's misleading and an insulting term in many ways.
Large one was an insulting term used by the lesser fey for the sidhe.
The term is also at times used as an insulting term for sequels of movies that are not expected to have financial success.
For example, most of them don't understand that "Cordoba House" is a deliberately insulting term.