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Insurance Reserves and Policyholder Funds | 12 Months Ended
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Dec. 31, 2015
Insurance Reserves And Policyholder Funds [Abstract] |
Insurance Reserves and Policyholder Funds | Note 3. Insurance Reserves and Policyholder Funds The following table presents the Company’s reserves for life, accident and health, and property and casualty losses, claims and loss adjustment expenses.
|  | Amount of Insurance In Force, Net
| 2015 | 2014 | 2015 | 2014
Future policy benefits |  |  |  |  |  |  |  |  |  |  |  |
Life insurance policies: |  |  |  |  |  |  |  |  |  |  |  |
Ordinary | $ | 54,130 |  | $ | 53,555 |  | $ | 247,590 |  | $ | 235,856 |
Mass market |  | 2,205 |  |  | 2,475 |  |  | 2,758 |  |  | 3,148 |
Individual annuities |  | 103 |  |  | 130 |  |  | — |  |  | — |
|  | 56,438 |  |  | 56,160 |  | $ | 250,348 |  | $ | 239,004 |
Accident and health insurance policies |  | 15,698 |  |  | 14,685 |  |  |  |  |  |  |
|  | 72,136 |  |  | 70,845 |  |  |  |  |  |  |
Unearned premiums |  | 25,348 |  |  | 24,544 |  |  |  |  |  |  |
Losses, claims and loss adjustment expenses |  | 63,870 |  |  | 66,625 |  |  |  |  |  |  |
Other policy liabilities |  | 1,991 |  |  | 2,080 |  |  |  |  |  |  |
Total insurance reserves and policyholder funds | $ | 163,345 |  | $ | 164,094 |  |  |  |  |  |  |
Annualized premiums for accident and health insurance policies were $87,480 and $88,956 at December 31, 2015 and 2014, respectively. Future Policy Benefits Liabilities for life insurance future policy benefits are based upon assumed future investment yields, mortality rates, and withdrawal rates after giving effect to possible risks of unexpected claim experience. The assumed mortality and withdrawal rates are based upon the Company’s experience. The interest rates assumed for life, accident and health future policy benefits are generally: (i) 2.5% to 5.5% for issues prior to 1977, (ii) 7% graded to 5.5% for 1977 through 1979 issues, (iii) 9% for 1980 through 1987 issues, (iv) 5% to 7% for 1988 through 2009 issues, (v) 4% for 2010 through 2012 issues, and (vi) 3.5% for 2013 through 2015 issues. Loss and Claim Reserves Loss and claim reserves represent estimates of projected ultimate losses and are based upon: (a) management’s estimate of ultimate liability and claims adjusters’ evaluations for unpaid claims reported prior to the close of the accounting period, (b) estimates of incurred but not reported (“IBNR”) claims based on past experience, and (c) estimates of loss adjustment expenses. The estimated liability is periodically reviewed by management and updated, with changes to the estimated liability recorded in the statement of operations in the year in which such changes are known. Activity in the liability for unpaid loss and claim reserves is summarized as follows:
| 2015 | 2014
Balance at January 1 | $ | 66,625 |  | $ | 63,018 |
Less: Reinsurance receivable on unpaid losses |  | (14,302 | ) |  | (14,314 | )
Net balance at January 1 |  | 52,323 |  |  | 48,704 |
Incurred related to: |  |  |  |  |  |
Current year |  | 99,447 |  |  | 104,225 |
Prior years |  | (701 | ) |  | (483 | )
Total incurred |  | 98,746 |  |  | 103,742 |
Paid related to: |  |  |  |  |  |
Current year |  | 68,159 |  |  | 72,443 |
Prior years |  | 30,781 |  |  | 27,680 |
Total paid |  | 98,940 |  |  | 100,123 |
Net balance at December 31 |  | 52,129 |  |  | 52,323 |
Plus: Reinsurance receivable on unpaid losses |  | 11,741 |  |  | 14,302 |
Balance at December 31 | $ | 63,870 |  | $ | 66,625 |
Prior years’ development was primarily the result of better than expected development on prior years IBNR reserves for certain lines of business. Following is a reconciliation of total incurred claims to total insurance benefits and losses incurred:
| 2015 | 2014
Total incurred claims | $ | 98,746 |  | $ | 103,742 |
Cash surrender value and matured endowments |  | 1,390 |  |  | 1,574 |
Benefit reserve changes |  | 1,228 |  |  | 879 |
Total insurance benefits and losses incurred | $ | 101,364 |  | $ | 106,195 |

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- Definition The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6480747&loc=d3e6772-158386 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6480747&loc=d3e6764-158386 + Details
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