@tommieb75: That is where the processor will eventually jump, but only if the BIOS manages to find a boot sector on an attached peripheral (HDD, properly formatted USB Flash drive, El Torito CD, TFTP from a PXE server, etc.). This boot sector will have the 0x55AA signature at the end of it. The prototypical example is the MBR, which is free to do anything it wants, but again typically looks through the partition table for one (and only one) bootable flag, moves itself from the 0x7C00 address (to where depends on its code), loads that partition's first sector to 0x7C00, and jumps to it. This partition boot sector should also have the 0x55AA signature.
As far as the original question...there is no fixed address to which the processor is instructed by the BIOS ROM to jump; this is dependent on whatever the BIOS author wants. The address of 16 bytes below the end of 1 megabyte is just something hardcoded into the processor itself; this is the documented/defined behavior (by Intel, and by association, AMD and others). Obviously, 16 bytes of code isn't a lot of code, so it's usually just a "long jump" (loading both the CS and IP registers) to somewhere else in the BIOS ROM. That code handles POST and the aforementioned location of a valid boot sector to execute.