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Liability for Unpaid Claims and Claim Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2021

Insurance [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

Roll forward of Claim Liability

The following table presents the activity in the net liability for unpaid losses and allocated loss adjustment expenses of short duration contracts for the following periods:

						For the Nine Months Ended September 30,
						2021						2020
Policy liabilities and unpaid claims balance as of January 1,						$	233,438					$	144,384
Less: liabilities of policy-holder account balances, gross						(5,419)						(11,589)
Less: non-insurance warranty benefit claim liabilities						(30,664)						(85)
Gross liabilities for unpaid losses and loss adjustment expenses						197,355						132,710
Less: reinsurance recoverable on unpaid losses - short duration						(113,163)						(88,599)
Less: other lines, gross						(247)						(230)
Net balance as of January 1, short duration						83,945						43,881
Incurred (short duration) related to:
Current year						176,644						111,979
Prior years						3,866						12,924
Total incurred						180,510						124,903
Paid (short duration) related to:
Current year						116,175						92,541
Prior years						6,379						8,206
Total paid						122,554						100,747
Net balance as of September 30, short duration						141,901						68,037
Plus: reinsurance recoverable on unpaid losses - short duration						154,513						103,372
Plus: other lines, gross						397						581
Gross liabilities for unpaid losses and loss adjustment expenses						296,811						171,990
Plus: liabilities of policy-holder account balances, gross						1,690						6,806
Plus: non-insurance warranty benefit claim liabilities						15,113						32,402
Policy liabilities and unpaid claims balance as of September 30,						$	313,614					$	211,198

Reconciliation of Short Duration Contracts to Total Losses Incurred

The following schedule reconciles the total short duration contracts per the table above to the amount of total losses incurred as presented in the condensed consolidated statements of operations, excluding the amount for member benefit claims:

						Three Months Ended September 30,															Nine Months Ended September 30,
						2021						2020									2021						2020
Short duration incurred						$	61,061					$	42,559								$	180,510					$	124,903
Other lines incurred						10						1									55						1
Unallocated loss adjustment expenses						181						360									679						450
Total losses incurred						$	61,252					$	42,920								$	181,244					$	125,354

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- Definition

Reconciliation of Short Duration Contracts to Total Losses Incurred [Table Text Block]

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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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