What is legal amendment in SAP FS-PM - Policy Management?

SAP Term: legal amendment

• Component: FS-PM

• Component Name: Policy Management

• Description: Immaterial amendments that concern neither the premiums nor the benefits for example, changing the premium payers.

Smart SAP Assistant

• Key Concepts: 
  Legal amendment is a feature of SAP FS-PM Policy Management that allows users to make changes to existing policies and contracts. This feature enables users to quickly and easily update policies and contracts to reflect changes in the legal environment. It also allows users to keep track of all changes made to policies and contracts, ensuring that they are up-to-date with the latest legal requirements.
  
  How to use it: 
  To use the legal amendment feature, users must first create a policy or contract in SAP FS-PM Policy Management. Once the policy or contract is created, users can then make changes to it using the legal amendment feature. This feature allows users to add, delete, or modify clauses in the policy or contract. Once the changes have been made, users can then save the updated policy or contract.
  
  Tips & Tricks: 
  When using the legal amendment feature, it is important to keep track of all changes made to policies and contracts. This will ensure that all changes are up-to-date with the latest legal requirements. Additionally, it is important to review all changes before saving them, as this will help ensure that all changes are accurate and compliant with legal requirements.
  
  Related Information: 
  For more information on SAP FS-PM Policy Management and its features, please visit the SAP website at https://www.sap.com/products/fs-pm-policy-management.html. Additionally, for more information on legal amendments and how they can be used in SAP FS-PM Policy Management, please refer to the SAP Help Portal at https://help.sap.com/viewer/product/FS_PM_POLICY_MANAGEMENT/latest/en-US/fspm_legal_amendment_overview.html.