What is fixed premium in SAP FS-PM - Policy Management?

SAP Term: fixed premium

• Component: FS-PM

• Component Name: Policy Management

• Description: Fixed, agreed premium payments at agreed times. Changes to the premium amount must be defined when the contract is concluded.

Smart SAP Assistant

• Key Concepts: 
  Fixed premium is a type of insurance policy in which the premium remains the same throughout the policy period. This type of policy is beneficial for customers who want to pay a fixed amount for their insurance coverage and not worry about any changes in the premium amount. 
  
  How to use it: 
  In SAP FS-PM Policy Management, fixed premium policies can be created and managed. The system allows users to set up a fixed premium policy with a specific duration and coverage amount. The system also allows users to view and manage existing policies, as well as make changes to existing policies. 
  
  Tips & Tricks: 
  When setting up a fixed premium policy, it is important to consider the duration of the policy and the coverage amount. It is also important to consider any additional fees or taxes that may be associated with the policy. 
  
  Related Information: 
  For more information on fixed premium policies in SAP FS-PM Policy Management, please refer to the SAP Help documentation.