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

9 Months Ended

Sep. 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			943,706				693,750
Prior year			887,500				578,302
Total incurred			1,831,206				1,272,052
Losses and LAE payments for claims arising in:
Current year			100,277				1,065,955
Prior years			938,472				691,410
Total payments			1,038,749				1,757,365
Less reinsurance recoverable			365,000				-
Losses and LAE at September 30,		$	1,808,983			$	2,007,021

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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