What is insurance object category in SAP FS-CD - Collections/Disbursements?

SAP Term: insurance object category

• Component: FS-CD

• Component Name: Collections/Disbursements

• Description: Insurance object categories are used to classify and group insurance objects. Insurance object categories are used to define the selection of tab pages and fields when creating, changing and displaying an insurance object. This means that different data is relevant for an insurance object from the broker contract category, than would be relevant for an insurance object from the claim number category. Internal insurance object categories are those that are programmed and fixed by SAP, and can not be changed. External insurance object categories are defined in the Implementation Guide by the company, and are assigned to the internal insurance object categories.

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• Key Concepts: 
  Insurance object category is a component of the Financial Services Collection and Disbursement (FS-CD) module in SAP. It is used to define the characteristics of an insurance object, such as its type, purpose, and risk level. This information is used to determine the appropriate insurance coverage for a particular object. 
  
  How to use it: 
  In order to use the insurance object category, users must first define the characteristics of the object they wish to insure. This includes specifying the type of object, its purpose, and its risk level. Once this information is entered into SAP, the system will automatically generate an insurance policy that meets the requirements of the object. 
  
  Tips & Tricks: 
  When defining an insurance object category in SAP, it is important to be as specific as possible in order to ensure that the correct coverage is provided. Additionally, it is important to keep track of any changes made to the object’s characteristics over time in order to ensure that the policy remains up-to-date. 
  
  Related Information: 
  The FS-CD module also includes other components such as claims processing and payment processing. Additionally, SAP provides a range of other financial services modules that can be used in conjunction with FS-CD for more comprehensive coverage.