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Policy Claims and Other Benefits Payable | 6 Months Ended
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Jun. 30, 2022
Liability For Future Policy Benefits And Unpaid Claims And Claims Adjustment Expense [Abstract] |
Policy Claims and Other Benefits Payable | (6) Policy Claims and Other Benefits Payable Changes in policy claims incurred and other benefits payable were as follows:
|  | Six months ended June 30, |
|  | 2022 |  |  | 2021 |
|  | (In thousands) |
Policy claims and other benefits payable, beginning of period |  | $ | 585,382 |  |  | $ | 519,711 |
Less reinsured policy claims and other benefits payable |  |  | 638,007 |  |  |  | 545,857 |
Net balance, beginning of period |  |  | (52,625 | ) |  |  | (26,146 | )
Incurred related to current year |  |  | 127,911 |  |  |  | 137,285 |
Incurred related to prior years (1) |  |  | (2,522 | ) |  |  | (813 | )
Total incurred |  |  | 125,389 |  |  |  | 136,472 |
Claims paid related to current year, net of reinsured policy claims received |  |  | (170,149 | ) |  |  | (213,880 | )
Reinsured policy claims received related to prior years, net of claims paid |  |  | 65,135 |  |  |  | 32,882 |
Total paid |  |  | (105,014 | ) |  |  | (180,998 | )
Foreign currency translation |  |  | (150 | ) |  |  | 210 |
Net balance, end of period |  |  | (32,400 | ) |  |  | (70,462 | )
Add reinsured policy claims and other benefits payable |  |  | 513,629 |  |  |  | 541,752 |
Balance, end of period |  | $ | 481,229 |  |  | $ | 471,290 |
(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.
The liability for policy claims and other benefits payable on traditional life insurance products includes estimated unpaid claims that have been reported to us and claims incurred but not yet reported. We estimate claims incurred but not yet reported based on our historical claims activity, adjusted for any current new trends and conditions, and reported lag time experience.

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- References No definition available. + Details
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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -URI https://asc.fasb.org/subtopic&trid=2560295 + Details
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