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Note 17 - Reserves for Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]

		2020				2019
Losses and LAE at beginning of year		$	1,203,493			$	360,514
Provision for losses and LAE claims arising in:
Current year			2,221,844				1,590,858
Prior year			694,002				123,044
Total incurred			2,915,846				1,713,902
Losses and LAE payments for claims arising in:
Current year			1,182,375				856,778
Prior years			444,630				14,145
Total payments			1,627,005				870,923
Losses and LAE at end of year		$	2,492,334			$	1,203,493

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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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- References

No definition available.

+ Details

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