An alphanumeric representation of the line of business that each policy applies to. Premium Pro Allocator uses the premium type to determine in which line of business to place the policy.
For policies in Kentucky, the premium type is also used to determine if the premium amount is creditable towards county taxes.
In Florida the premium type can be changed for multiple-line premiums that are indivisible. The code indicates that only 70% of the premium amount is allocable to Florida Firefighter Pension districts and 30% is allocable to Florida Police Pension Cities.