What is Cash-Before-Cover amount in SAP FS-PM - Policy Management?

SAP Term: Cash-Before-Cover amount

• Component: FS-PM

• Component Name: Policy Management

• Description: The amount that the Cash-Before-Cover payer for instance the policyholder has to pay to the insurance company in some countries be fore an insurance contract, or a contract change, takes effect. The Cash-Before-Cover category determines whether or not a Cash-Before-Cover amount has to be paid.

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• Key Concepts: 
  Cash-Before-Cover amount is a feature of SAP FS-PM Policy Management that allows customers to pay for their insurance policies before the policy is issued. This feature allows customers to pay for their policies in advance, ensuring that the policy is in effect before the customer has to make any additional payments. 
  
  How to use it: 
  To use the Cash-Before-Cover amount feature, customers must first select the policy they wish to purchase and enter their payment information. Once the payment is processed, the policy will be issued and the customer will be able to access their policy information. 
  
  Tips & Tricks: 
  When using the Cash-Before-Cover amount feature, it is important to make sure that all payment information is accurate and up-to-date. This will ensure that the policy is issued quickly and without any delays. Additionally, customers should always double check their payment information before submitting it to ensure that there are no errors. 
  
  Related Information: 
  For more information about Cash-Before-Cover amount and other features of SAP FS-PM Policy Management, please visit the SAP website or contact your local SAP representative. Additionally, you can find more information about SAP FS-PM Policy Management on our blog.