Please confirm - Option Sequence

In HCM Benefits, on the Event Rules Table, if the Default Option says "Default to Lowest Eligible Option" or "Assign Current Coverage Else Low Option" it's the Option Sequence on the Benefit Program Table that determines the lowest option.  Is that correct?   We have had a debate in my department on if it's the Option ID, Option Code, or the Option Sequence.   I've been testing this and my results come back as it being the Option Sequence.   I appreciate anyone that can confirm this.  Thanks!