A Paper Claim Is One That Is Submitted on Paper

question 59

True/False

A paper claim is one that is submitted on paper and then optically scanned and converted to electronic form by insurance companies.

---

Definitions:

Assets

Economic resources owned by a business or individual that are expected to provide future benefits.

Equity Decreased

A situation where a company's total owner's equity diminishes due to factors like dividends, losses, or withdrawals.

Liquidated

The process of converting assets into cash or cash equivalents by selling them in order to pay off debts or obligations.

Claims of Creditors

Rights to payment or other financial assets held by creditors of a business, typically arising from loans or credit extended to the business.