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

6 Months Ended

Jun. 30, 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			598,182				491,320
Prior year			485,001				517,087
Total incurred			1,083,183				1,008,407
Losses and LAE payments for claims arising in:
Current year			120,993				1,038,694
Prior years			814,549				745,574
Total payments			935,542				1,784,268
Less reinsurance recoverable			315,000				-
Losses and LAE at June 30		$	1,214,167			$	1,716,473

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.

+ Details

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