What is policy product in SAP FS-CM - Claims Management?

SAP Term: policy product

• Component: FS-CM

• Component Name: Claims Management

• Description: Rules containing facts that should apply equally to all contracts of this product. Together with the incident type and the claim date, the policy product specifies which rules apply for a claim.

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• Key Concepts: 
  A policy product in SAP FS-CM Claims Management is a type of insurance product that is used to define the terms and conditions of an insurance policy. It contains information such as the type of coverage, the premium, and the deductible. It also includes information about the policyholder, such as their name, address, and contact information. 
  
  How to use it: 
  In SAP FS-CM Claims Management, policy products are used to define the terms and conditions of an insurance policy. This includes information such as the type of coverage, the premium, and the deductible. The policy product also contains information about the policyholder, such as their name, address, and contact information. This information is used to create a policy document that is sent to the policyholder. 
  
  Tips & Tricks: 
  When creating a policy product in SAP FS-CM Claims Management, it is important to ensure that all of the necessary information is included. This includes details about the type of coverage, the premium, and the deductible. Additionally, it is important to include accurate information about the policyholder so that they can be contacted if needed. 
  
  Related Information: 
  SAP FS-CM Claims Management also includes other features such as claims processing and reporting. Additionally, there are other types of insurance products available in SAP FS-CM Claims Management such as annuities and group policies. For more information about these features and products, please refer to SAP's documentation or contact your local SAP representative.