(Insurance: General) A line of business is a general classification of business used by the insurance industry, such as fire, commercial, personal, auto, or residence. Property and casualty insurers currently make the most money from their auto insurance line of business.
What is the meaning of line of business?
Line of business (LOB) is a general term that describes the related product or services a business or manufacturer offers. A company that manufactures solid-state disk drives, for example, might claim its LOB is data storage. An LOB serves a particular business need or a particular customer transaction.
What is a line of insurance?
Line — (1) A class of insurance, such as property, marine, or liability. (2) In reinsurance, an amount of risk retained by a ceding insurer for its own account. The line varies with the insurer's financial strength and with the nature of the exposure.
What are the four lines of business?
Line of Business (LOB)