What Is the Purpose of the Summary of Benefits Coverage

question 21

Multiple Choice

What is the purpose of the Summary of Benefits Coverage (SBC) ?

• A)Provides information to physicians about health insurance coverage.
• B)Provides health insurance benefits information which enables consumers to compare different insurance plans.
• C)A and B
• D)None are correct statements

---

Definitions:

Percentage Of Completion

An accounting method used to recognize revenues and expenses of long-term projects proportionally to the work completed to date.

Costs Incurred

Expenses recognized in accounting, representing the cost of doing business and acquiring or producing goods.

Contract Price

The agreed-upon price for goods or services specified in a contractual agreement.

Installment Sales Method

Accounting method that recognizes revenue when payments are received rather than at the point of sale.