EE, of course that's correct. A generator panel was not mentioned above, though.
While I've installed plenty of them, both pre-made and home-brewed, my personal preference is a whole-house transfer. Plus, when installed as the service is being constructed, it's a lot easier to do.
In a large house (the basement alone is over 3Ksq.ft.) I'm finishing up, with two 200a panels, I simply fed one of the panels (and its sub-panel) through a 200a ATS, and fed the other one straight from the 320a meter.
I divided the loads between panels according to the desire to have generator power (and within reasonable balance).
