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Policy Claims and Other Benefits Payable (Tables)

6 Months Ended

Jun. 30, 2018

Liability For Future Policy Benefits And Unpaid Claims And Claims Adjustment Expense [Abstract]

Schedule of Liability For Future Policy Benefits and Unpaid Claims

Changes in policy claims incurred and other benefits payable were as follows:

		Six months ended June 30,
		2018				2017
		(In thousands)
Policy claims and other benefits payable, beginning of period		$	307,401			$	268,136
Less reinsured policy claims and other benefits payable			322,137				323,195
Net balance, beginning of period			(14,736	)			(55,059	)
Incurred related to current year			90,659				82,358
Incurred related to prior years (1)			(2,233	)			2,033
Total incurred			88,426				84,391
Claims paid related to current year, net of reinsured policy claims received			(152,561	)			(122,097	)
Reinsured policy claims received related to prior years, net of claims paid			24,575				57,146
Total paid			(127,986	)			(64,951	)
Foreign currency translation			(267	)			154
Net balance, end of period			(54,563	)			(35,465	)
Add reinsured policy claims and other benefits payable			341,453				303,095
Balance, end of period		$	286,890			$	267,630

⁽¹⁾ Includes the difference between our estimate of claims incurred but not yet reported as of period end and the actual incurred claims reported after period end.

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- References

No definition available.

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- Definition

Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=99382578&loc=d3e14764-158437

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