What is benefit part in SAP FS-PM - Policy Management?

SAP Term: benefit part

• Component: FS-PM

• Component Name: Policy Management

• Description: Consolidated benefit types and values. In customizing you can define which benefit types with their associated benefit values you want to combine for which benefit parts. This results in the benefit part being in a 1:n relationship to the benefit type. For example, you can consolidate the death and accidental death benefit types in a guarantee benefit part.

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• Key Concepts: 
  Benefit part is a component of the FS-PM Policy Management module in SAP. It is used to define the benefits that are associated with a policy and to determine the amount of benefit that is paid out. The benefit part also allows for the calculation of premiums and the management of claims. 
  
  How to use it: 
  The benefit part of FS-PM Policy Management can be used to define the benefits associated with a policy. This includes defining the type of benefit, such as life insurance, health insurance, or disability insurance, as well as the amount of benefit that is paid out. The benefit part also allows for the calculation of premiums and the management of claims. 
  
  Tips & Tricks: 
  When setting up a policy in FS-PM Policy Management, it is important to ensure that all benefits are accurately defined and that all premiums are calculated correctly. Additionally, it is important to ensure that all claims are managed properly in order to ensure that policyholders receive their benefits in a timely manner. 
  
  Related Information: 
  For more information on FS-PM Policy Management, please refer to SAP's official documentation at https://help.sap.com/viewer/product/FS-PM/latest/en-US.