What is insurable event in SAP FS-PM - Policy Management?

SAP Term: insurable event

• Component: FS-PM

• Component Name: Policy Management

• Description: Risks, for which insurance coverage is offered such as death, survival past a specified point in time, occupational disability, marriage, requiring care, accident, fire, lightning, storm, burglary and theft.

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• Key Concepts: 
  An insurable event is a type of event that can be insured against in the SAP FS-PM Policy Management component. This includes events such as natural disasters, accidents, and other occurrences that could cause financial losses. It also includes events that could lead to legal liabilities, such as product liability or professional negligence. 
  
  How to use it: 
  In the FS-PM Policy Management component, insurable events can be managed and monitored. This includes setting up policies for each event, setting up coverage limits, and tracking claims related to the event. The component also allows users to set up notifications for when an insurable event occurs, so that they can take appropriate action. 
  
  Tips & Tricks: 
  When setting up policies for insurable events, it is important to consider the potential risks associated with each event. This will help ensure that the policy is comprehensive enough to cover any potential losses or liabilities. Additionally, it is important to review the policy regularly to ensure that it is still relevant and up-to-date. 
  
  Related Information: 
  The SAP FS-PM Policy Management component is part of the SAP Financial Services suite of products. It is designed to help organizations manage their insurance policies and claims more efficiently. Additionally, it can be used to track and monitor insurable events in order to reduce risk and ensure compliance with regulations.