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

SAP Term: policy term

• Component: FS-QUO

• Component Name: SAP Quotation Management

• Description: A period of time an insurance policy is valid for.

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• Key Concepts: 
  Policy term is a feature of SAP Quotation Management (FS-QUO) that allows users to define the terms and conditions of a quotation. This includes setting the validity period, payment terms, and other conditions that must be met in order for the quotation to be accepted. 
  
  How to use it: 
  To use policy term, users must first create a policy template in the system. This template will contain all of the terms and conditions that will be applied to any quotations created using this policy. Once the policy template is created, users can then create quotations using this policy. The policy terms will be automatically applied to the quotation, ensuring that all of the necessary conditions are met. 
  
  Tips & Tricks: 
  When creating a policy template, it is important to ensure that all of the necessary terms and conditions are included. This will help to ensure that all quotations created using this policy are valid and accepted by customers. Additionally, it is important to review and update the policy template regularly to ensure that it remains up-to-date with any changes in regulations or customer requirements. 
  
  Related Information: 
  For more information on SAP Quotation Management (FS-QUO) and how to use policy term, please refer to the official SAP documentation. Additionally, there are many online resources available that provide detailed tutorials on how to use this feature.