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Future Policy Benefits and Unpaid Claims (Tables) | 12 Months Ended
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Dec. 31, 2023
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. Schedule of Liability for Future Policy Benefits, by Product Segment
|  | December 31, |
|  | 2023 |  |  | 2022 |
Life |  | $ | 756,936,902 |  |  | $ | 726,462,594 |
Annuities |  |  | 106,285,010 |  |  |  | 106,637,094 |
Policyholder account balances |  |  | 39,245,123 |  |  |  | 41,146,171 |
Accident and health |  |  | 572,689 |  |  |  | 603,526 |
Other policyholder funds |  |  | 4,411,108 |  |  |  | 4,279,218 |
Reported but unpaid claims |  |  | 3,525,774 |  |  |  | 5,651,030 |
Incurred but not reported claims |  |  | 5,062,010 |  |  |  | 4,547,670 |
Gross future policy benefits and unpaid claims |  | $ | 916,038,616 |  |  | $ | 889,327,303 |
Receivable from reinsurers |  |  |  |  |  |  |  |
Life |  |  | 10,478,863 |  |  |  | 10,600,613 |
Annuities |  |  | 4,238,934 |  |  |  | 4,225,873 |
Accident and health |  |  | 77,917 |  |  |  | 79,467 |
Reported but unpaid claims |  |  | 48,345 |  |  |  | 110,985 |
Incurred but not reported claims |  |  | 13,000 |  |  |  | 17,000 |
Total receivable from reinsurers |  |  | 14,857,059 |  |  |  | 15,033,938 |
Net future policy benefits and unpaid claims |  | $ | 901,181,557 |  |  | $ | 874,293,365 |
Net unpaid claims |  | $ | 8,526,439 |  |  | $ | 10,070,715 |
Summary of Liability for Reported but Unpaid Claims and Incurred but not Reported Claims | The following table provides a roll forward of the Company’s liability for reported but unpaid claims and incurred but not reported claims, net of the related receivable from reinsurers. Summary of Liability for Reported but Unpaid Claims and Incurred but not Reported Claims
|  | Life |  |  | Annuities |  |  | Accident and Health |  |  | Total |
Balance at 12/31/2021 |  | $ | 8,015,101 |  |  | $ | 678,378 |  |  | $ | 104,504 |  |  | $ | 8,797,983 |
Incurred |  |  | 59,377,962 | (1) |  |  | 13,987,576 | (2) |  |  | 40,744 | (3) |  |  | 73,406,282 |
Settled |  |  | (57,988,800 | ) |  |  | (14,016,502 | ) |  |  | (128,248 | ) |  |  | (72,133,550 | )
Balance at 12/31/2022 |  |  | 9,404,263 |  |  |  | 649,452 |  |  |  | 17,000 |  |  |  | 10,070,715 |
Incurred |  |  | 61,390,517 | (1) |  |  | 12,669,463 | (2) |  |  | 30,408 | (3) |  |  | 74,090,388 |
Settled |  |  | (62,665,619 | ) |  |  | (12,939,637 | ) |  |  | (29,408 | ) |  |  | (75,634,664 | )
Balance at 12/31/2023 |  | $ | 8,129,161 |  |  | $ | 379,278 |  |  | $ | 18,000 |  |  | $ | 8,526,439 |
(1) |  | See death benefits on the consolidated statements of earnings
(2) |  | Included in increase in future benefits on the consolidated statements of earnings
(3) |  | Included in surrender and other policy benefits on the consolidated statements of earnings

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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 No definition available. + Details
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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 -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-3 + Details
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