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Liability For Unpaid Claims (Tables)

3 Months Ended

Mar. 31, 2021

Liability For Unpaid Claims [Abstract]

Changes In Liability For Unpaid Claims

	For the Three
	Months Ended
	March 31,
	2021			2020
Balance as of beginning-of-year	$	5,934		$	5,552
Reinsurance recoverable		151			152
Net balance as of beginning-of-year		5,783			5,400
Incurred related to:
Current year		1,025			885
Prior years:
Interest		42			43
All other incurred (1)		(101	)		(65	)
Total incurred		966			863
Paid related to:
Current year		(302	)		(240	)
Prior years		(601	)		(518	)
Total paid		(903	)		(758	)
Net balance as of end-of-period		5,846			5,505
Reinsurance recoverable		151			150
Balance as of end-of-period	$	5,997		$	5,655

⁽¹⁾All other incurred is primarily impacted by the level of claim resolutions in the period compared to that which is expected by the reserve assumption. A negative number implies a favorable result where claim resolutions were more favorable than assumed. Our claim resolution rate assumption used in determining reserves is our expectation of the resolution rate we will experience over the long-term life of the block of claims. It will vary from actual experience in any one period, both favorably and unfavorably.

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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=116884095&loc=d3e14764-158437

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