What is 'waived deductible' in SAP FS-CM - Claims Management?

waived deductible - Overview

• Component: FS-CM

• Component Name: Claims Management

• Description: Amount that a policyholder is obliged to pay under the terms of the policy in the event of a loss/claim, but which the insurance company decides to waive.

waived deductible - Details

• 
  Key Concepts: 
  A waived deductible is a feature of the FS-CM Claims Management component of SAP software. It allows an insurance company to waive a deductible for a policyholder in certain circumstances. This means that the policyholder does not have to pay the deductible amount when making a claim. 
  
  How to use it: 
  In order to use the waived deductible feature, an insurance company must first set up the feature in their SAP system. This includes setting up the criteria for when a deductible can be waived and how much of the deductible can be waived. Once this is done, the insurance company can then use the feature when processing claims. 
  
  Tips & Tricks: 
  When setting up the waived deductible feature, it is important to consider how much of the deductible can be waived and what criteria must be met in order for a waiver to be granted. This will help ensure that the feature is used appropriately and that policyholders are not receiving waivers they are not entitled to. 
  
  Related Information: 
  The waived deductible feature is part of the FS-CM Claims Management component of SAP software. Other features of this component include claim processing, payment processing, and reporting.