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

3 Months Ended

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

X

- 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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X

- References

No definition available.

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