gistfile1.txt

/**
 * Create a taxonomy term and return the tid.
 */
function asg_estimate_create_taxonomy_term($name, $vid) {
  $term = new stdClass();
  $term->name = $name;
  $term->vid = $vid;
  taxonomy_term_save($term);
  return $term->tid;
}

/**
 * Implements hook_install().
 */
function asg_estimate_install() {
  $vocabulary = taxonomy_vocabulary_machine_name_load('status');
  $statuses = array(
    'Draft',
    'Submitted',
    'Queried',
    'Cancelled',
    'Complete',
    'Approved',
  );
  foreach ($statuses as $status) {
    asg_estimate_create_taxonomy_term($status, $vocabulary->vid);
  }
}