What is deductible in SAP FS-CM - Claims Management?

SAP Term: deductible

• Component: FS-CM

• Component Name: Claims Management

• Description: Also known as excess in some countries. In the event of a claim, the policyholder has to bear a certain part percentage or fixed amount of the claim himself/herself.

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• Key Concepts: 
  Deductible is a term used in FS-CM Claims Management to refer to the amount of money that an insured person must pay out-of-pocket before their insurance company will cover the remaining costs. The deductible is usually a fixed amount, and it is typically set by the insurance company.
  
  How to use it: 
  In FS-CM Claims Management, the deductible is used to determine how much of a claim should be paid by the insured person and how much should be paid by the insurance company. When a claim is submitted, the deductible amount is subtracted from the total cost of the claim. The remaining amount is then paid by the insurance company.
  
  Tips & Tricks: 
  It is important to understand your deductible when submitting a claim in FS-CM Claims Management. Knowing your deductible can help you determine how much of the claim you will be responsible for paying out-of-pocket.
  
  Related Information: 
  The deductible is just one part of an insurance policy. Other important terms include co-payments, coinsurance, and out-of-pocket maximums. It is important to understand all of these terms in order to make informed decisions about your insurance coverage.