What is insurance rescission in SAP FS-AM-OM-AC - Account Order?

SAP Term: insurance rescission

• Component: FS-AM-OM-AC

• Component Name: Account Order

• Description: The insurance rescission of an order on a loan account to rescind the insurance associated with a loan contract, without rescinding the loan contract itself, in accordance with the provisions of EU Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008.

Smart SAP Assistant

• Key Concepts: 
  Insurance rescission is a process in the SAP FS-AM-OM-AC Account Order Management component that allows an insurance company to cancel an insurance policy. This process is used when the policyholder has provided false or incomplete information when applying for the policy, or if the policyholder has failed to meet certain requirements of the policy. 
  
  How to use it: 
  In order to use the insurance rescission process, the insurance company must first identify the policyholder who has provided false or incomplete information or failed to meet certain requirements of the policy. Once identified, the insurance company can then initiate the rescission process by entering the relevant information into the SAP system. The system will then generate a notification to the policyholder informing them of the rescission and any applicable penalties. 
  
  Tips & Tricks: 
  When using the insurance rescission process, it is important to ensure that all relevant information is entered accurately into the SAP system. This will help to ensure that all applicable penalties are applied correctly and that any disputes are resolved quickly and efficiently. 
  
  Related Information: 
  The insurance rescission process is part of a larger suite of features available in SAP FS-AM-OM-AC Account Order Management. Other features include account management, order management, and customer service management. These features can be used to manage customer accounts, orders, and customer service inquiries more efficiently.