What is passenger accident insurance in SAP FS-PM - Policy Management?

SAP Term: passenger accident insurance

• Component: FS-PM

• Component Name: Policy Management

• Description: Extends the auto insurance coverage and protects passengers in the insured person's vehicle, regardless of the question of who is at fault. There are variants of passenger insurance, such as: Flat-rate system: The sums insured are distributed equally to all entitled passengers, who were in the vehicle at the time of the accident. For two or more insured persons, the agreed totals are automatically increased by 50%. Seat system: Each individual seat in the vehicle is insured for the same amount. If, at the time of the accident, more persons are insured than persons or seats specified, the compensation for the individual person is reduced appropriately. Named insurance for other persons: This insurance type is independent of a specific vehicle. With accident insurance using the flat-rate system and the seat system, all entitled passengers in the vehicle named in the policy are insured, excluding drivers and passengers who are employed by the policyholder occupational drivers. With na

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• Key Concepts: 
  Passenger accident insurance is a type of insurance offered by SAP FS-PM Policy Management. It provides financial protection to passengers in the event of an accident or injury while travelling. The policy covers medical expenses, lost wages, and other costs associated with an accident. 
  
  How to use it: 
  SAP FS-PM Policy Management allows users to create and manage passenger accident insurance policies. The system provides a range of features to help users customize their policies, including the ability to set coverage limits, add riders, and adjust premiums. 
  
  Tips & Tricks: 
  When creating a passenger accident insurance policy, it is important to consider the needs of the passengers. Make sure to set coverage limits that are appropriate for the type of travel being undertaken and adjust premiums accordingly. 
  
  Related Information: 
  SAP FS-PM Policy Management also offers other types of insurance, such as property and casualty insurance, health insurance, and life insurance. For more information on these products, please visit the SAP website.