The default Lines of Business used by Premium Pro Allocator are as follows:
NOTE: The lines of business codes above are interpreted differently, depending on which state module you are using. The differences between state modules are outlined below:
The Premium Type field represents different lines of business or is used to designate certain policies in Alabama, Florida, Kentucky and New York Fire. Therefore, it is important to use the correct one. For other states, any code can be used. You must assign a Premium Type code for your policies. You can choose any letter you wish unless noted below. If you assign one or more custom premium types to the premium types listed below, use the custom premium custom premium types instead.
F – Fire and Marine Policies
All other premium type codes will be treated as Other than Fire and Marine for Alabama.
All policies will be treated as fire (if processing Florida Fire) or casualty (if processing Florida Police), if neither the option to “Process Both Fire and Police at the same time” or “Evaluate premium types when processing separately" is checked.
X - Multiple line premiums. 30% of the policy will be taxable by the Police tax and 70% of the policy will be taxable by the Fire tax.
F- Fire. All premiums taxable by the Firefighter’s Pension must be designated with an F.
All other premium type codes will be taxable by the Municipal Police Retirement Pension.
You may also find FL annual return instructions included in our Premium Pro P&C software.
C –Casualty
F – Fire and Allied Lines
H – Accident and Health
I – Inland Marine
L – Life
M – Motor Vehicle
O – Other
All other premium type codes used will default to Other.
C – Farmowners
F – Fire
H – Homeowners
I – Comprehensive Dwellings
L – Commercial Multiple Peril
M – Auto
O – Other
All other premium type codes used will default to Other.
All state modules not previously mentioned (Delaware, Georgia, Louisiana, New York, and South Carolina) do not distinguish between lines of business. All processed addresses will be treated identically regardless of which code is used. If the address falls within a taxable jurisdiction, it will be assigned the tax code associated with that jurisdiction.
The Lines of Business can be customized using the Options dialog. You can substitute codes for the ones listed above, but the product will still treat tax codes the same.