What is commission participant in SAP FS-PM - Policy Management?

SAP Term: commission participant

• Component: FS-PM

• Component Name: Policy Management

• Description: A person who receives commission in return for concluding insurance contracts, collecting premiums, or maintaining in-force business.

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• Key Concepts: 
  A commission participant is a person or entity that is involved in the commission process in SAP FS-PM Policy Management. This includes the commission payer, the commission recipient, and any other parties involved in the commission process. The commission participant is responsible for providing the necessary information to the system in order to calculate and process the commission payments. 
  
  How to use it: 
  In order to use a commission participant in SAP FS-PM Policy Management, you must first create a commission participant record. This record contains all of the necessary information about the commission participant, such as their name, address, contact information, and any other relevant information. Once this record is created, you can then assign it to a policy or contract in order to begin processing commissions for that policy or contract. 
  
  Tips & Tricks: 
  When creating a commission participant record, it is important to make sure that all of the necessary information is included. This will ensure that the system can accurately calculate and process the commissions for that policy or contract. Additionally, it is important to keep all of the commission participant records up-to-date with any changes that may occur over time. 
  
  Related Information: 
  For more information on how to use commission participants in SAP FS-PM Policy Management, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/FS_PM_POLICY_MANAGEMENT/latest/en-US