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Note 15 - Reserves for Losses and Loss Adjustment Expenses (Tables) | 3 Months Ended
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Mar. 31, 2022
Notes Tables |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] |
|  | 2022 |  |  | 2021 |
Losses and LAE at January 1 |  | $ | 1,381,526 |  |  | $ | 2,492,334 |
Provision for losses and LAE claims arising in: |  |  |  |  |  |  |  |
Current year |  |  | 201,795 |  |  |  | 249,778 |
Prior year |  |  | 535,001 |  |  |  | 340,087 |
Total incurred |  |  | 736,796 |  |  |  | 589,865 |
Losses and LAE payments for claims arising in: |  |  |  |  |  |  |  |
Current year |  |  | 33,550 |  |  |  | 228,305 |
Prior years |  |  | 193,766 |  |  |  | 310,553 |
Total payments |  |  | 227,316 |  |  |  | 538,858 |
Less reinsurance recoverable |  |  | 315,000 |  |  |  | - |
Losses and LAE at March 31 |  | $ | 1,576,006 |  |  | $ | 2,543,341 |

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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 + Details
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- References No definition available. + Details
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