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Liability for Unpaid Claims and Claim Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2022

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 Three Months Ended March 31,
			2022						2021
Policy liabilities and unpaid claims balance as of January 1,			$	331,703					$	233,438
Less: liabilities of policy-holder account balances, gross			(801)						(5,419)
Less: non-insurance warranty benefit claim liabilities			(10,785)						(30,664)
Gross liabilities for unpaid losses and loss adjustment expenses			320,117						197,355
Less: reinsurance recoverable on unpaid losses - short duration			(165,129)						(113,163)
Less: other lines, gross			(576)						(247)
Net balance as of January 1, short duration			154,412						83,945
Incurred (short duration) related to:
Current year			81,563						50,013
Prior years			1,161						(36)
Total incurred			82,724						49,977
Paid (short duration) related to:
Current year			42,706						36,498
Prior years			6,686						1,914
Total paid			49,392						38,412
Net balance as of March 31, short duration			187,744						95,510
Plus: reinsurance recoverable on unpaid losses - short duration			197,607						124,375
Plus: other lines, gross			658						786
Gross liabilities for unpaid losses and loss adjustment expenses			386,009						220,671
Plus: liabilities of policy-holder account balances, gross			273						5,120
Plus: non-insurance warranty benefit claim liabilities			7,595						25,532
Policy liabilities and unpaid claims balance as of March 31,			$	393,877					$	251,323

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 March 31,
			2022						2021
Short duration incurred			$	82,724					$	49,977
Other lines incurred			392						1
Unallocated loss adjustment expenses			160						273
Total losses incurred			$	83,276					$	50,251

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- Definition

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

+ References

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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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