What is time of loss/claim in SAP FS-CM - Claims Management?

SAP Term: time of loss/claim

• Component: FS-CM

• Component Name: Claims Management

• Description: Date and possibly time on which the loss/claim occurred.

Smart SAP Assistant

• Key Concepts: 
  Time of Loss/Claim is a term used in SAP FS-CM Claims Management. It is the date and time when a claim is reported or when an incident occurs that results in a claim. This date and time are used to determine the validity of the claim and to calculate the amount of compensation due.
  
  How to use it: 
  Time of Loss/Claim is used to determine the validity of a claim and to calculate the amount of compensation due. It is important to accurately record the date and time of the incident or claim in order to ensure that the correct amount of compensation is paid out.
  
  Tips & Tricks: 
  When recording the Time of Loss/Claim, it is important to be as accurate as possible. If there is any uncertainty about the exact date and time, it is best to err on the side of caution and record a later date and time than what may have actually occurred.
  
  Related Information: 
  Time of Loss/Claim is related to other terms such as Date of Loss, Date of Claim, Date of Incident, and Date of Accident. These terms are all used in Claims Management to determine the validity and amount of compensation due for a claim.