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

SAP Term: policy validation

• Component: FS-CM

• Component Name: Claims Management

• Description: A check performed in the system, on the basis of information provided by the integrated Policy Management system, to verify that the claim is covered. The system checks whether - A policy exists - The incident or event upon which the claim is based took place within the valid term of the policy - There are any periods that are excluded from benefits because the premiums have not been paid up or not paid up in time.

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• Key Concepts: 
  Policy validation is a feature of the FS-CM Claims Management component of SAP software. It is used to ensure that all claims submitted to an insurance company meet the company's policy requirements. The validation process checks for accuracy and completeness of the claim information, as well as any discrepancies between the policy and the claim.
  
  How to use it: 
  To use policy validation, first enter the claim information into the system. Then, the system will automatically check for any discrepancies between the policy and the claim. If any discrepancies are found, they will be flagged for review. Once all discrepancies have been resolved, the claim can be submitted for processing.
  
  Tips & Tricks: 
  When entering claim information into the system, make sure to double-check all information for accuracy and completeness. This will help ensure that all discrepancies are caught before submitting the claim for processing. Additionally, it is important to keep up-to-date with any changes in policy requirements, as these may affect the validity of a claim.
  
  Related Information: 
  For more information on policy validation in FS-CM Claims Management, please refer to SAP's official documentation on the topic. Additionally, there are many online resources available that provide detailed tutorials and best practices for using this feature of SAP software.