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

SAP Term: flexible premium

• Component: FS-PM

• Component Name: Policy Management

• Description: Policyholders can pay any premium amount, within a defined corridor.

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• Key Concepts: 
  Flexible premium is a feature of the FS-PM Policy Management component of SAP. It allows users to adjust the premium amount for a policyholder based on their individual needs. This feature allows for more flexibility in the policy management process, as it allows for different premium amounts to be set for different policyholders. 
  
  How to use it: 
  To use the flexible premium feature, users must first set up the policyholder's profile in the system. This includes entering their personal information, such as name, address, and contact information. Once this is done, users can then set up the flexible premium amount for each policyholder. This can be done by entering the desired premium amount in the system and then selecting the “Flexible Premium” option. 
  
  Tips & Tricks: 
  When setting up a flexible premium amount for a policyholder, it is important to consider their individual needs and circumstances. For example, if a policyholder has a higher risk profile, they may require a higher premium amount than someone with a lower risk profile. Additionally, it is important to keep in mind that flexible premiums are not always the best option for all policyholders. 
  
  Related Information: 
  For more information on how to use the FS-PM Policy Management component of SAP, please refer to the official SAP documentation. Additionally, there are many online resources available that provide helpful tips and tricks on how to use this feature effectively.