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Future Policy Benefits and Unpaid Claims (Tables)

12 Months Ended

Dec. 31, 2024

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

		2024				2023
		December 31,
		2024				2023
Life		$	790,212,538			$	756,936,902
Annuities			105,815,690				106,285,010
Policyholder account balances			37,066,043				39,245,123
Accident and health			543,792				572,689
Other policyholder funds			4,482,462				4,411,108
Reported but unpaid claims			2,463,220				3,525,774
Incurred but not reported claims			4,228,098				5,062,010
Gross future policy benefits and unpaid claims		$	944,811,843			$	916,038,616
Receivable from reinsurers
Life			10,285,092				10,478,863
Annuities			3,415,644				4,238,934
Accident and health			74,762				77,917
Reported but unpaid claims			45,595				48,345
Incurred but not reported claims			10,000				13,000
Total receivable from reinsurers			13,831,093				14,857,059
Net future policy benefits and unpaid claims		$	930,980,750			$	901,181,557
Net unpaid claims		$	6,635,723			$	8,526,439

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 12/31/2022		$	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
Incurred			58,116,837	(1)			12,416,335	(2)			2,767	(3)			70,535,939
Settled			(59,882,755	)			(12,540,133	)			(3,767	)			(72,426,655	)
Balance at 12/31/2024		$	6,363,243			$	255,480			$	17,000			$	6,635,723

(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://www.xbrl.org/2003/role/disclosureRef
-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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