What is policy issuance in SAP FS-PM - Policy Management?

SAP Term: policy issuance

• Component: FS-PM

• Component Name: Policy Management

• Description: Creation of a policy. Policy issuance is complete at the point when the application is released.

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• Key Concepts: 
  Policy Issuance is a process in SAP FS-PM Policy Management that allows an insurer to issue a policy to a customer. It involves creating a policy document, which contains all the details of the policy, such as the terms and conditions, coverage, and premium. The policy document is then sent to the customer for acceptance. Once accepted, the policy is issued and the customer can begin to make use of it. 
  
  How to use it: 
  In order to issue a policy in SAP FS-PM Policy Management, the insurer must first create a policy document. This document should include all the details of the policy, such as the terms and conditions, coverage, and premium. Once this is done, the insurer can then send the policy document to the customer for acceptance. Once accepted, the policy is issued and the customer can begin to make use of it. 
  
  Tips & Tricks: 
  When creating a policy document in SAP FS-PM Policy Management, it is important to ensure that all details are accurate and up-to-date. This will help ensure that customers are aware of all aspects of their policy before they accept it. Additionally, it is important to ensure that all policies are issued in accordance with applicable laws and regulations. 
  
  Related Information: 
  SAP FS-PM Policy Management also includes features such as policy renewal and cancellation, as well as claims management. Additionally, SAP FS-PM Policy Management can be integrated with other SAP solutions such as SAP ERP or SAP CRM for a more comprehensive insurance management system.