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Policy Claims and Other Benefits Payable (Tables)

6 Months Ended

Jun. 30, 2022

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,
		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.}

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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 https://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437

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