What is insurance policy in SAP FS-QUO - SAP Quotation Management?

SAP Term: insurance policy

• Component: FS-QUO

• Component Name: SAP Quotation Management

• Description: A time-bound contract between an insurer and an insured which determines the claims the insurer is legally required to pay in exchange for a payment of a premium.

Smart SAP Assistant

• Key Concepts: 
  Insurance policy is a feature of the FS-QUO SAP Quotation Management component. It allows users to create and manage insurance policies for customers. The policies can be customized to meet the customer's needs and can be used to track and manage the policy's status, coverage, and other details. 
  
  How to use it: 
  To use the insurance policy feature, users must first create a policy template. This template will contain all of the necessary information for the policy, such as coverage limits, deductibles, and other details. Once the template is created, users can then create individual policies for customers. The policies can be customized to meet the customer's needs and can be used to track and manage the policy's status, coverage, and other details. 
  
  Tips & Tricks: 
  When creating an insurance policy template, it is important to include all of the necessary information for the policy. This will ensure that all of the details are included in the policy and that it is easy to understand for both customers and employees. Additionally, it is important to keep track of any changes that are made to the policy so that they can be easily updated in the system. 
  
  Related Information: 
  For more information on how to use FS-QUO SAP Quotation Management's insurance policy feature, please refer to SAP's official documentation or contact your local SAP representative. Additionally, there are many online resources available that provide tutorials and tips on how to use this feature.