What is 'waiting period' in SAP FS-PM - Policy Management?

waiting period - Overview

• Component: FS-PM

• Component Name: Policy Management

• Description: Period of time between the onset of the insurance claim and the start of benefits.

waiting period - Details

• 
  Key Concepts: 
  A waiting period is a feature of SAP FS-PM Policy Management that allows users to set a specific amount of time before a policy can be applied. This period can be used to ensure that all necessary information is collected and reviewed before the policy is applied. 
  
  How to use it: 
  To set a waiting period, users must first create a policy in the FS-PM Policy Management system. Once the policy is created, users can set the waiting period by selecting the “Waiting Period” option from the policy settings menu. From there, users can specify the length of time before the policy will be applied. 
  
  Tips & Tricks: 
  When setting a waiting period, it is important to consider how long it will take for all necessary information to be collected and reviewed. If the waiting period is too short, important information may not be taken into account when applying the policy. 
  
  Related Information: 
  For more information on setting waiting periods in SAP FS-PM Policy Management, please refer to the official SAP documentation.