What is 'policy cancellation' in SAP FS-PM - Policy Management?

policy cancellation - Overview

• Component: FS-PM

• Component Name: Policy Management

• Description: The termination of an insurance policy when all the contracts included in the insurance policy are inactive, either due to reversal or expiration.

policy cancellation - Details

• 
  Key Concepts: 
  Policy cancellation is a feature of the SAP FS-PM Policy Management component. It allows users to cancel policies that have been created in the system. This can be done either manually or automatically, depending on the user's preferences. Cancelled policies are removed from the system and no longer appear in reports or other documents. 
  
  How to use it: 
  To cancel a policy in SAP FS-PM Policy Management, users must first select the policy they wish to cancel. Then, they must select the “Cancel” option from the menu. This will open a confirmation window, where users can confirm their decision to cancel the policy. Once confirmed, the policy will be removed from the system and no longer appear in reports or other documents. 
  
  Tips & Tricks: 
  When cancelling a policy, it is important to ensure that all related documents and reports are updated accordingly. This will ensure that all information related to the policy is accurate and up-to-date. Additionally, it is important to note that cancelled policies cannot be reinstated once they have been removed from the system. 
  
  Related Information: 
  For more information on SAP FS-PM Policy Management, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/FS_PM/1.0/en-US