What is coverage in SAP FS-PM - Policy Management?

SAP Term: coverage

• Component: FS-PM

• Component Name: Policy Management

• Description: Unit within a contract that allows the inclusion of a main insurance policy or a supplementary insurance policy.

Smart SAP Assistant

• Key Concepts: 
  Coverage is a feature of the FS-PM Policy Management component of SAP that allows users to define and manage the scope of their insurance policies. Coverage is used to define the limits of an insurance policy, such as the types of risks covered, the amount of coverage, and any exclusions or limitations. Coverage also allows users to set up rules for how claims are handled and processed.
  
  How to use it: 
  To use coverage in FS-PM Policy Management, users must first define the scope of their policy. This includes setting up rules for how claims are handled and processed, as well as defining the types of risks covered, the amount of coverage, and any exclusions or limitations. Once these parameters have been set up, users can then manage their policy by adding or removing coverage as needed.
  
  Tips & Tricks: 
  When setting up coverage in FS-PM Policy Management, it is important to consider all potential risks that may be covered by the policy. This includes both known risks and unknown risks that may arise in the future. Additionally, it is important to ensure that all exclusions and limitations are clearly defined so that there is no confusion when processing claims.
  
  Related Information: 
  For more information on coverage in FS-PM Policy Management, please refer to the SAP Help Portal or contact your local SAP representative.