What is premium waiver in SAP FS-PM - Policy Management?

SAP Term: premium waiver

• Component: FS-PM

• Component Name: Policy Management

• Description: Waiver of the obligation to pay premiums, for the premium payer.

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• Key Concepts: 
  Premium waiver is a feature of the SAP FS-PM Policy Management component that allows an insurance company to waive the premium payment for a policyholder. This feature is used when a policyholder has experienced a financial hardship or other extenuating circumstances that prevent them from making their premium payments. 
  
  How to use it: 
  In order to use the premium waiver feature, an insurance company must first set up the policy in the SAP FS-PM Policy Management component. Once the policy is set up, the insurance company can then select the “Premium Waiver” option from the menu. This will open a window where the insurance company can enter the details of the waiver, such as the amount of the waiver and any conditions that must be met in order for it to be approved. 
  
  Tips & Tricks: 
  When setting up a premium waiver, it is important to make sure that all of the details are entered correctly. This includes entering the correct amount of the waiver and any conditions that must be met in order for it to be approved. Additionally, it is important to make sure that all of the necessary documents are included with the waiver request, such as proof of financial hardship or other extenuating circumstances. 
  
  Related Information: 
  The premium waiver feature is just one of many features available in SAP FS-PM Policy Management. Other features include policy renewal, policy cancellation, and policy transfer. Additionally, there are several reports available in SAP FS-PM Policy Management that can help an insurance company track and analyze their policies.