How To Fix /PM0/ALB_MESSAGES565 - First due date for recurring premium must be after free look period

SAP Error Message - Details

• Message type: E = Error

• Message class: /PM0/ALB_MESSAGES -

• Message number: 565

• Message text: First due date for recurring premium must be after free look period

Self-Explanatory Message

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Smart SAP Assistant

• What is the cause and solution for SAP error message /PM0/ALB_MESSAGES565 - First due date for recurring premium must be after free look period ?

  The SAP error message /PM0/ALB_MESSAGES565 indicates that there is an issue with the scheduling of a recurring premium in relation to the free look period. This error typically arises in the context of insurance or financial products where a free look period is offered to customers, allowing them to review the terms of the policy before committing to it.
  Cause:
  The error occurs when the first due date for a recurring premium is set to a date that falls within or before the free look period. The free look period is a specified timeframe during which the customer can cancel the policy without penalty. If the first premium is due before this period ends, it violates the business rules set in the system.
  Solution:
  To resolve this error, you need to adjust the first due date of the recurring premium so that it is set to a date that is after the end of the free look period. Here are the steps you can take:
  
  
  Identify the Free Look Period: Determine the duration of the free look period for the specific product or policy. This information is usually defined in the product configuration.
  
  
  Adjust the First Due Date: 
  
  Go to the transaction or screen where you are entering the recurring premium details.
  Change the first due date to a date that is after the free look period has expired.
  
  
  
  Validate Changes: After making the changes, validate the entries to ensure that the error message no longer appears.
  
  
  Test the Configuration: If possible, run a test transaction to ensure that the new settings work as expected and that the recurring premium is processed correctly.
  
  
  Related Information:
  
  Free Look Period: This is a consumer protection feature in insurance policies that allows policyholders to review the terms and conditions of their policy and cancel it within a specified period without incurring any penalties.
  Recurring Premiums: These are regular payments made by the policyholder to maintain the insurance coverage. The scheduling of these payments must align with the policy terms and conditions.
  SAP Configuration: If you are frequently encountering this error, it may be worth reviewing the configuration settings in SAP related to the product and premium scheduling to ensure they align with business rules.
  
  If you continue to experience issues after making the necessary adjustments, it may be helpful to consult with your SAP support team or refer to SAP documentation for further troubleshooting steps.