What is substitution in SAP FS-PM - Policy Management?

SAP Term: substitution

• Component: FS-PM

• Component Name: Policy Management

• Description: Determination of certain premium elements of an insurance contract, such as the risk premium, and withdrawal of the totalled amount from the current fund assets. Recurring substitution takes place during the substitution phase of an insurance contract, where there is no payment obligation for the premium. Single substitution can also be scheduled and executed, as a reaction to the nonpayment of a premium.

Smart SAP Assistant

• Key Concepts: 
  Substitution is a feature in SAP FS-PM Policy Management that allows users to assign a substitute to take over their tasks in the event of an absence. This substitute can be assigned for a specific period of time or for the duration of the task. The substitute will have access to all the same information and tasks as the original user. 
  
  How to use it: 
  To assign a substitute in SAP FS-PM Policy Management, go to the Substitution tab in the user profile. Select the user you want to assign as a substitute and enter the start and end dates for the substitution period. Once you have saved your changes, the substitute will be able to access all of the tasks assigned to the original user. 
  
  Tips & Tricks: 
  When assigning a substitute, make sure that they have all of the necessary information and access rights to complete the tasks assigned to them. It is also important to ensure that they are aware of any deadlines or other important dates related to the tasks they are taking over. 
  
  Related Information: 
  For more information on substitution in SAP FS-PM Policy Management, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/FS-PM/2020/en-US/fspm_substitution_en.pdf