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Future Policy Benefits and Unpaid Claims (Tables)

12 Months Ended

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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- References

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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

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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

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