What is double insurance in SAP FS-CM - Claims Management?

SAP Term: double insurance

• Component: FS-CM

• Component Name: Claims Management

• Description: Type of multiple insurance. The insurance companies with whom the policyholder is insured are generally unaware of the existence of multiple insurance policies for the same insured object. In the event of a loss/claim, the existing policies might provide excessive coverage of the risk.

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• Key Concepts: 
  Double insurance is a feature of the SAP FS-CM Claims Management component that allows an insurance company to insure the same risk twice. This means that two separate policies can be taken out on the same risk, with each policy covering a different portion of the risk. This allows for greater protection against potential losses.
  
  How to use it: 
  In order to use double insurance, an insurance company must first identify the risk that they want to insure. Once the risk has been identified, two separate policies can be taken out on the same risk. Each policy will cover a different portion of the risk, allowing for greater protection against potential losses.
  
  Tips & Tricks: 
  When using double insurance, it is important to make sure that both policies are up-to-date and that they provide adequate coverage for the risk being insured. It is also important to ensure that both policies are from reputable insurers and that they are not overlapping in coverage.
  
  Related Information: 
  Double insurance is just one of many features available in SAP FS-CM Claims Management. Other features include claims processing, policy management, and reporting. Additionally, SAP FS-CM Claims Management can be integrated with other SAP components such as SAP ERP and SAP HANA for a more comprehensive solution.