The Contract Issued by a Payer, the Plan Document, or Any

question 97

Multiple Choice

The contract issued by a payer, the plan document, or any other legally enforceable instrument under which a covered person may be entitled to covered services is called:

• A) the schedule of benefits.
• B) the benefit plan.
• C) covered services.
• D) contracted services.

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Definitions:

Reporting Period

The specific time span covered by financial statements, typically one fiscal year or quarter, for which an entity reports its financial performance and position.

Carrying Amount

The book value of assets and liabilities, calculated as the original cost minus any accumulated depreciation, impairment, or amortization.

Fair Value

The expected proceeds from an asset sale or the financial commitment for a liability shift in an orderly engagement among market participants at the time of determining value.

Loss on Acquisition

A financial loss that occurs when the cost to acquire a company or asset exceeds its fair value.