What is primary beneficiary in SAP PA-BN - Benefits?

SAP Term: primary beneficiary

• Component: PA-BN

• Component Name: Benefits

• Description: An individual, organization, or trust fund that is first in line to receive benefits from an employee’s insurance or retirement plan after the employee’s death.

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• Key Concepts: 
  Primary beneficiary is a term used in the SAP PA-BN Benefits component. It refers to the person who is the primary recipient of a benefit, such as a pension or insurance policy. The primary beneficiary is typically the person who is named on the policy or contract and is entitled to receive the benefit payments. 
  
  How to use it: 
  In SAP PA-BN Benefits, the primary beneficiary is used to identify the person who will receive the benefit payments. This information is used to calculate the amount of benefits that will be paid out and to ensure that the payments are made correctly. 
  
  Tips & Tricks: 
  When setting up a new benefit plan in SAP PA-BN Benefits, it is important to make sure that the primary beneficiary information is accurate and up-to-date. This will help ensure that payments are made correctly and on time. 
  
  Related Information: 
  The primary beneficiary information can be found in the “Beneficiary” tab of the SAP PA-BN Benefits component. This tab also contains information about any secondary beneficiaries who may be entitled to receive benefits from the plan.