An Example of a Technical Error on an Insurance Claim

question 27

Multiple Choice

An example of a technical error on an insurance claim is

• A) duplicate dates of service.
• B) transposed numbers.
• C) missing place of service code.
• D) all of the above.

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Definitions:

Actual Cost

The direct costs incurred in the production of goods, including labor and materials.

Revenue Recognition Principle

An accounting principle that dictates that revenue should be recognized in the accounting period in which it is earned and realizable.

Recognized

Recognized, in accounting terms, refers to the official acknowledgment of a transaction or event in the financial statements through recording it.

Customers

Individuals or entities that purchase goods or services from a business, contributing to the company's revenue.