What is endowment life insurance in SAP FS-CM - Claims Management?

SAP Term: endowment life insurance

• Component: FS-CM

• Component Name: Claims Management

• Description: Endowment life insurance.

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• Key Concepts: 
  Endowment life insurance is a type of life insurance policy that pays out a lump sum to the policyholder upon the policy's maturity date. It is a form of savings plan that combines life insurance with an investment component. In the SAP FS-CM Claims Management component, endowment life insurance is used to manage and track the claims process for endowment life insurance policies. 
  
  How to use it: 
  The SAP FS-CM Claims Management component allows users to manage and track the claims process for endowment life insurance policies. This includes tracking the policyholder's information, managing payments, and tracking claims status. The component also provides tools for analyzing and reporting on claims data. 
  
  Tips & Tricks: 
  When using the SAP FS-CM Claims Management component, it is important to ensure that all data is accurate and up-to-date. This will help ensure that claims are processed quickly and efficiently. Additionally, it is important to keep track of any changes in policyholder information, as this can affect the claims process. 
  
  Related Information: 
  For more information on endowment life insurance and how it is used in SAP FS-CM Claims Management, please refer to the SAP Help Portal or contact your local SAP representative.