How To Fix /PM0/ABS_MESSAGES067 - Automatic product change: There is a policy loan for contract &1

SAP Error Message - Details

• Message type: E = Error

• Message class: /PM0/ABS_MESSAGES -

• Message number: 067

• Message text: Automatic product change: There is a policy loan for contract &1

Self-Explanatory Message

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Smart SAP Assistant

• What is the cause and solution for SAP error message /PM0/ABS_MESSAGES067 - Automatic product change: There is a policy loan for contract &1 ?

  The SAP error message /PM0/ABS_MESSAGES067 indicates that there is a policy loan associated with a contract, which is preventing an automatic product change from being processed. This error typically arises in the context of insurance or financial services modules within SAP, particularly when dealing with policies that have loans against them.
  Cause:
  The error occurs because the system has detected that the contract in question has an outstanding policy loan. In many insurance systems, a policy loan can affect the terms and conditions of the policy, and as such, certain actions (like changing the product associated with the policy) may be restricted until the loan is resolved.
  Solution:
  To resolve this error, you can take the following steps:
  
  
  Review the Policy Loan: Check the details of the policy loan associated with the contract. You may need to verify the outstanding amount, interest, and any other relevant details.
  
  
  Repay the Loan: If possible, arrange for the repayment of the policy loan. Once the loan is cleared, you should be able to proceed with the automatic product change.
  
  
  Adjust the Policy: If repayment is not feasible, consider whether adjustments can be made to the policy that would allow for the product change without requiring the loan to be paid off.
  
  
  Consult with Relevant Departments: If you are unsure about how to proceed, consult with your finance or insurance department. They may have specific procedures in place for handling policy loans and product changes.
  
  
  Check Configuration: If you have the necessary access, review the configuration settings in SAP related to policy loans and product changes. There may be specific rules or settings that need to be adjusted.
  
  
  Documentation: Ensure that all actions taken are well-documented for future reference and compliance purposes.
  
  
  Related Information:
  
  SAP Notes: Check SAP Notes for any updates or patches related to this error message. Sometimes, SAP releases notes that provide additional context or solutions for specific error messages.
  User Manuals: Refer to the user manuals or help documentation for the specific SAP module you are using (e.g., SAP FS-PM for Policy Management) for more detailed guidance on handling policy loans and product changes.
  Training: If this is a recurring issue, consider training sessions for users involved in policy management to better understand the implications of policy loans on product changes.
  
  By following these steps, you should be able to address the error and proceed with the necessary changes to the contract.