What is line of business in SAP FS-PM - Policy Management?

SAP Term: line of business

• Component: FS-PM

• Component Name: Policy Management

• Description: An organizational area in a company division which combines all responsibilities for a particular product or group. Risks of a similar nature are grouped together in a line of business and, in an insurance context, these lines of business can be divided roughly as follows: Life insurance Health insurance Casualty insurance Auto insurance Accident insurance Legal expense insurance

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• Key Concepts: 
  Line of Business (LOB) is a term used in SAP FS-PM Policy Management to refer to a specific business area or sector. It is used to define the scope of a policy, such as the type of customer, product, or service that the policy applies to. 
  
  How to use it: 
  In SAP FS-PM Policy Management, LOBs are used to define the scope of a policy. When creating a policy, you can select one or more LOBs that the policy applies to. This allows you to create policies that are tailored to specific business areas or sectors. 
  
  Tips & Tricks: 
  When creating a policy, it is important to consider which LOBs the policy should apply to. This will ensure that the policy is tailored to the specific needs of the business area or sector it applies to. 
  
  Related Information: 
  For more information on SAP FS-PM Policy Management, please refer to the official SAP documentation.