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Reserves For Claims (Tables)

6 Months Ended

Jun. 30, 2017

Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]

Summary Of Transactions In Reserves For Claims

Transactions in the reserves for claims for the six-month period ended June 30, 2017 and the year ended December 31, 2016 are summarized as follows:

	June 30, 2017				December 31, 2016
Balance, beginning of period	$	35,305,000			$	37,788,000
Provision, charged to operations	860,224				242,953
Payments of claims, net of recoveries	(2,024,224		)		(2,725,953		)
Ending balance	$	34,141,000			$	35,305,000

Summary Of The Company's Loss Reserves

A summary of the Company’s loss reserves, broken down into its components of known title claims and IBNR, follows:

	June 30, 2017				%		December 31, 2016				%
Known title claims	$	4,103,783			12.0		$	4,405,343			12.5
IBNR	30,037,217				88.0		30,899,657				87.5
Total loss reserves	$	34,141,000			100.0		$	35,305,000			100.0

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- Definition

Schedule of liability for unpaid claims and claims adjustment expense reported and incurred but not reported claims.

+ References

No definition available.

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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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=65670824&loc=d3e14764-158437

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