What is actual premium in SAP ICM - Incentive and Commission Management (ICM)?

SAP Term: actual premium

• Component: ICM

• Component Name: Incentive and Commission Management (ICM)

• Description: Incentive and Commission Management The cover of the insurance policy is not known at the beginning and depends on the saving parts with regard to the paid premium. The payment of the premium determines the value of the insurance policy,as well as the commission relevant data for FS-CS.

Smart SAP Assistant

• Key Concepts: 
  Actual Premium is a term used in ICM Incentive and Commission Management (ICM). It is the amount of money that an individual or organization receives for selling a product or service. This amount is calculated based on the actual sales performance of the individual or organization. 
  
  How to use it: 
  Actual Premium can be used to measure the success of an individual or organization in selling a product or service. It can also be used to determine the amount of commission that should be paid out to the individual or organization. 
  
  Tips & Tricks: 
  When calculating Actual Premium, it is important to take into account any discounts or incentives that may have been offered to the customer. This will ensure that the Actual Premium is accurate and reflects the true value of the product or service sold. 
  
  Related Information: 
  Actual Premium is closely related to Target Premium, which is the amount of money that an individual or organization should receive for selling a product or service. Target Premium is usually set by the company and can be used as a benchmark for measuring success in sales performance.