Internal control

All of the policies, procedures and processes established to ensure that business objectives are achieved in a cost effective manner. The Turnbull Report on Compliance with the Combined Code of Best Practice in Corporate Governance requires the board in a listed company to give high level meaningful information in its annual report on, inter alia, its responsibility for internal control and confirm that there is an ongoing process for identifying, evaluating and managing significant risks.

internal control number (ICN)

Number assigned by Medicare carriers to each insurance claim for control and inventory purposes. This number is composed of 15 digits, which indicate the claim type, region, year, Julian date, batch number, and sequence. This number should be referenced when communicating with the insurance carrier about a specific claim problem.

Internal dependencies

A business interruption term referring to internal activities and situations which, if interrupted by material loss or damage, would adversely affect the firm’s ability to maintain turnover. One small machine could be of such strategic importance it could hinder or stop production runs. Compare with EXTERNAL DEPENDENCIES.

Internal limits

Highest insurance plan amounts paid for each benefit or illness. The insured pays the remainder of the costs incurred. The insurance policy may state the limits in dollar amounts or in number of days payable.