What is increase novation in SAP FS-PM - Policy Management?

SAP Term: increase novation

• Component: FS-PM

• Component Name: Policy Management

• Description: Change to tax-relevant amount for an insurance policy, where just the policy component created by the change is to be regarded as a new policy, and the tax handling of the base policy is not affected.

Smart SAP Assistant

• Key Concepts: 
  Increase novation is a feature of the SAP FS-PM Policy Management component. It allows users to increase the amount of a policy or contract without having to create a new one. This feature is useful for making changes to existing policies or contracts without having to start from scratch.
  
  How to use it: 
  To use the increase novation feature, users must first select the policy or contract they wish to modify. Then, they can enter the new amount and click “Increase Novation”. This will update the policy or contract with the new amount without having to create a new one.
  
  Tips & Tricks: 
  When using the increase novation feature, it is important to double-check that all of the other details of the policy or contract remain unchanged. This will ensure that all of the other details are still accurate and up-to-date.
  
  Related Information: 
  The increase novation feature is part of the SAP FS-PM Policy Management component, which also includes features such as policy creation, policy management, and contract management. For more information about this component, please visit SAP’s website.