LOB generally means Line Of Business which defines the type of insurance for the policy. It is the general classification of business used by several companies. In Insurance, it can be defined as Fire, Home, Flood, Personal, etc.
Some of the major LOBs are:-
- AUTOP- Personal Automobile
- HOMEP- Homeowners Insurance
- Flood-Flood
- UMB-Umbrella
- PKG-Package
- INMAR-Inland Marine
- LIAB-General Liability
In which AL3 group/groups we can find the LOB code in an AL3 file?
Groups in which lob code is found in an AL3 File are:-
- 5PPH
- 5BPI
- 5PIG
- 5LHG
- 6PRP
- 6CLM
- 5ORP
- 5OIC
5PPH: This Line of Business code helps to understand the type of insurance for the prior (previous) policy.
5BPI: The Line of Business code communicates the type of insurance for the policy.
5PIG: The Line of Business code communicates the type of insurance for this line of business within the package policy.
5LHG: The Line of Business code communicates the type of insurance for which the loss occurred.
6PRP: The Line of Business Code communicates the type of insurance for the policy, that is included under the Umbrella policy.
6CLM: The line of business code value that is normally used for the policy in traffic between the company and agency systems.
5ORP: The Line of Business code communicates the type of insurance for other related policies.
5OIC: The Line of Business code communicates the type of insurance for another policy that the insured also has with the carrier.
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