What is free look period in SAP FS-PM - Policy Management?

SAP Term: free look period

• Component: FS-PM

• Component Name: Policy Management

• Description: Legally specified period in which the policyholder can rescind the contract. In the context of ULI, the savings premiums can be invested in a probationary fund in this period. After expiry of the free look period, the system automatically performs a shift to a target fund, without charges.

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• Key Concepts: 
  The free look period is a feature of SAP FS-PM Policy Management that allows users to review and modify their policy documents before they are finalized. This period typically lasts for a few days and allows users to make changes to the policy document before it is officially accepted. 
  
  How to use it: 
  To use the free look period, users must first create a policy document in SAP FS-PM Policy Management. Once the document is created, users can review and modify it during the free look period. After the free look period has ended, the policy document will be finalized and accepted. 
  
  Tips & Tricks: 
  It is important to take advantage of the free look period to ensure that all changes are made before the policy document is finalized. Additionally, users should take the time to review their policy documents carefully during this period to ensure accuracy and completeness. 
  
  Related Information: 
  For more information on SAP FS-PM Policy Management, please refer to the official SAP documentation. Additionally, there are many online resources available that provide detailed tutorials and guides on how to use this software.