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Note 15 - Reserves for Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

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

		2021				2020
Losses and LAE at January 1		$	2,492,334			$	1,203,493
Provision for losses and LAE claims arising in:
Current year			249,778				575,685
Prior year			340,087				40,806
Total incurred			589,865				616,491
Losses and LAE payments for claims arising in:
Current year			228,305				74,192
Prior years			310,553				379,891
Total payments			538,858				454,083
Losses and LAE at March 31		$	2,543,341			$	1,365,901

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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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X

- References

No definition available.

+ Details

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