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Liability for Unpaid Claims and Claim Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 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 Nine Months Ended September 30,
			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			265,277						176,644
Prior years			(2,205)						3,866
Total incurred			263,072						180,510
Paid (short duration) related to:
Current year			138,274						116,175
Prior years			18,436						6,379
Total paid			156,710						122,554
Net balance as of September 30, short duration			260,774						141,901
Plus: reinsurance recoverable on unpaid losses - short duration			248,418						154,513
Plus: other lines, gross			157						397
Gross liabilities for unpaid losses and loss adjustment expenses			509,349						296,811
Plus: liabilities of policy-holder account balances, gross			2,715						1,690
Plus: non-insurance warranty benefit claim liabilities			860						15,113
Policy liabilities and unpaid claims balance as of September 30,			$	512,924					$	313,614

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,
			2022						2021						2022						2021
Short duration incurred			$	97,501					$	61,061					$	263,072					$	180,510
Other lines incurred			(36)						10						327						55
Unallocated loss adjustment expenses			362						181						657						679
Total losses incurred			$	97,827					$	61,252					$	264,056					$	181,244

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

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