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22) Future Policy Benefits and Unpaid Claims (Tables)

12 Months Ended

Dec. 31, 2020

Insurance [Abstract]

Schedule of Liability for Future Policy Benefits, by Product Segment

The following table provides information regarding future policy benefits and unpaid claims and the related receivable from reinsurers.

	Years Ended September 30
	2020		2019
Life	$   674,230,463		$654,585,723
Annuities	109,522,112		113,579,831
Policyholder account balances	44,026,809		45,154,180
Accident and health	651,140		667,428
Other policyholder funds	4,354,746		4,530,227
Reported but unpaid claims	8,689,723		4,891,922
Incurred but not reported claims	3,315,094		2,191,607
Gross future policy benefits and unpaid claims	$   844,790,087		$825,600,918
Receivable from reinsurers
Life	10,841,567		11,040,398
Annuities	4,047,301		4,038,007
Accident and health	90,231		90,113
Reported but unpaid claims	571,057		569,250
Incurred but not reported claims	19,000		10,000
Total receivable from reinsurers	15,569,156		15,747,768
Net future policy benefits and unpaid claims	$   829,220,931		$809,853,150

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- References

No definition available.

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- Definition

The entire disclosure for the present values of future benefits to be paid to or on behalf of policyholders and related expenses less the present value of future net premiums using assumptions such as estimates of expected investment yields, mortality, morbidity, terminations and expenses, applicable at the time the insurance contracts are made and unpaid claim costs relating to insurance contracts including estimates of costs relating to incurred but not reported claims based on the estimated ultimate cost of settling the claims (including effects of inflation and other societal and economic factors), using past experience adjusted for current trends and any other factors that would modify past experience by element such as business segment, country and interest rate range.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(13))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

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