What is 'calculation based on sums insured' in SAP FS-PM - Policy Management?

calculation based on sums insured - Overview

• Component: FS-PM

• Component Name: Policy Management

• Description: Premium calculation based on sum insured requested by the policyholder.

calculation based on sums insured - Details

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  Key Concepts: 
  Calculation based on sums insured is a feature of the FS-PM Policy Management component of SAP. This feature allows users to calculate premiums and other fees based on the total amount of insurance coverage that is being purchased. This calculation can be used to determine the cost of a policy, as well as any additional fees or taxes that may be associated with it. 
  
  How to use it: 
  In order to use this feature, users must first enter the total amount of insurance coverage they are purchasing into the system. Once this information is entered, the system will then calculate the premium and any additional fees or taxes associated with the policy. The user can then review the results and make any necessary adjustments before finalizing the policy. 
  
  Tips & Tricks: 
  When using this feature, it is important to ensure that all of the information entered into the system is accurate. This will help to ensure that the calculations are accurate and that any additional fees or taxes are correctly applied. Additionally, it is important to review all of the results before finalizing a policy in order to ensure that everything is correct. 
  
  Related Information: 
  For more information about calculation based on sums insured, please refer to SAP's documentation on FS-PM Policy Management. Additionally, there are many online resources available that provide more