By lines of business?

Last Update: May 30, 2022

This is a question our experts keep getting from time to time. Now, we have got the complete detailed explanation and answer for everyone, who is interested!

Asked by: Dr. Garrison Maggio
Score: 4.9/5 (36 votes)

Line of business is a general term which refers to a product or a set of related products that serve a particular customer transaction or business need. In some industry sectors, like insurance, "line of business" also has a regulatory and accounting definition to meet a statutory set of insurance policies.

What is meant by lines of business?

A line of business is a corporate subdivision focused on a single product or family of products.

What are business lines examples?

8 Examples of Line Of Business
  • Consumer Banking. Banking products for individuals including credit cards, loans, mortgages and bank accounts.
  • Small Business Banking. ...
  • Mergers & Acquisitions. ...
  • Property & Casualty Insurance. ...
  • Reinsurance. ...
  • Retail Brokerage. ...
  • Wealth Management. ...
  • Large Accounts.

IS IT lines of business or line of businesses?

An LOB (line-of-business) is a general term that describes the products or services offered by a business or manufacturer. ... In some large enterprise cultures, the term line-of-business (LOB) is used as a synonym for corporate division.

What are the 3 lines of business?

In the Three Lines of Defense model, management control is the first line of defense in risk management, the various risk control and compliance over- sight functions established by management are the second line of defense, and independent assurance is the third.

What is LINE OF BUSINESS? What does LINE OF BUSINESS mean? LINE OF BUSINESS meaning & explanation

34 related questions found

What is the three lines model?

The Three Lines Model is a fresh look at the familiar Three Lines of Defense, clarifying and strengthening the underpinning principles, broadening the scope, and explaining how key organizational roles work together to facilitate strong governance and risk management.

What is a line of defense?

: a way of defending oneself the body's first line of defense against illness.

What's another word for line of business?

branch; sector of industry; branch of industry; line of business; economic sector; field; field of operation; line; product line; line of merchandise; line of products; business line. trade; line of business; branch of business.

What is a line of business leader?

Line of business (LOB) leaders and application owners within a business recognize that they urgently need to pivot their model to cloud—and not just to save cost or to get out of a data center. They own the apps that drive revenue for the business and modernizing them is critical to continued competitiveness.

What is nature business?

The nature of business is a statement about a company's offering to its clients, its industry, legal structure, or any other distinctive qualities of the business. For example, if you say a company in the “private sector”, you evaluate the nature of the company based on its nature to earn profits.

What are the 6 types of business activities?

What Are the 6 Types of Business Activities?
  • Sales. The sales team is the lifeblood of every business. ...
  • Marketing. Marketing and advertising help in developing the brand and boosting the exposure of the business and its services.
  • Finance. ...
  • Accounting. ...
  • Customer Service. ...
  • Human Resources.

What is a line of business in healthcare?

The location at a multiple-casualty incident where patients' needs are prioritized and their injuries or illnesses are initially managed before they are taken to a hospital.

What are the lines of business in insurance?

line of business in Insurance

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 meant by a business?

A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. ... The term "business" also refers to the organized efforts and activities of individuals to produce and sell goods and services for profit.

What is SAP line of business?

Line-of-Business Editions of SAP Innovation and Optimization Pathfinder Provide Insights to Drive the Intelligent Enterprise. ... The editions cover six lines of business – finance, sales, procurement, manufacturing, asset management and supply chain.

What business area means?

Business area means an adjacent area that is zoned by a state, county, township, or municipal zoning authority for industrial or commercial purposes, customarily referred to as "b" or business, "c" or commercial, "i" or industrial, "m" or manufacturing, and "s" or service, and all other similar classifications and that ...

What is primary line of business?

Primary refers to the biggest or main area of business; secondary refers to other lines. ... The primary business identifies the actual business of that particular company, which can either be an industry or a sub-industry.

What is line of business in business manager?

The line-of-business (LOB) manager has a broader perspective on needs for change. The LOB manager is concerned about the competitive development and delivery of the products or services he or she manages and thus can assess the implications of the disruptive event in a market context.

What is selection of line of business?

Line of business (LOB) is a general term which refers to a product or a set of related products that serve a particular customer transaction or business need.

What are the 3 lines of immune defense?

The human body has three primary lines of defense to fight against foreign invaders, including viruses, bacteria, and fungi. The immune system's three lines of defense include physical and chemical barriers, non-specific innate responses, and specific adaptive responses.

What are the first lines of defense?

The first line of defence is your innate immune system. Level one of this system consists of physical barriers like your skin and the mucosal lining in your respiratory tract. The tears, sweat, saliva and mucous produced by the skin and mucosal lining are part of that physical barrier, too.

Which line of defense is most important?

The Body's MOST IMPORTANT Nonspecific Defense is the SKIN. UNBROKEN Skin provides a continuous layer that protects almost the whole body. Very Few Pathogens can penetrate the layers of dead cells at the skin's surface.

What do 3 lines mean?

The triple bar, ≡, is a symbol with multiple, context-dependent meanings. It has the appearance of a "=" sign with a third line. ... In mathematics it sometimes used a symbol for congruence. Particularly, in number theory, it has the meaning of modular congruence: if N divides a − b.

What is second line of defense?

The second line of defense is managerial and is responsible for oversight of the doers. They also develop and implement risk management processes, policies and procedures.

What is first line risk?

Line 1: Risk owners

The first line of defence (1LOD) is provided by front line staff and operational management. The systems, internal controls, control environment and culture developed and implemented by these business units is crucial in anticipating and managing operational and non-financial risks.