What is type class in SAP FS-PMA - SAP Policy Management Add-On for Auto Insurance?

SAP Term: type class

• Component: FS-PMA

• Component Name: SAP Policy Management Add-On for Auto Insurance

• Description: An index value used to calculate the insurance premium for auto liability insurance and comprehensive insurance. The type class represents the relative claims expenditure of a vehicle type.

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• Key Concepts: 
  Type class is a feature of the FS-PMA SAP Policy Management Add-On for Auto Insurance. It is used to define the characteristics of a policy type, such as the policy type name, the policy type code, and the policy type description. It also defines the policy type's associated product types, which are used to determine the coverage and pricing of a policy. 
  
  How to use it: 
  Type class is used to create and manage policy types in the FS-PMA SAP Policy Management Add-On for Auto Insurance. To create a new type class, users must enter the policy type name, code, and description. They must also select the associated product types that will be used to determine coverage and pricing for the policy. Once created, users can edit or delete existing type classes as needed. 
  
  Tips & Tricks: 
  When creating a new type class, it is important to ensure that all required fields are filled out correctly. This will help ensure that the associated product types are correctly linked to the policy type and that coverage and pricing are accurately calculated. Additionally, it is important to keep track of all existing type classes in order to easily manage them in the future. 
  
  Related Information: 
  For more information on type class in FS-PMA SAP Policy Management Add-On for Auto Insurance, please refer to the official documentation provided by SAP. Additionally, there are many online resources available that provide helpful tips and tricks for using this feature.