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v3.22.1

Insurance Reserves for Losses and Claims (Tables) | 3 Months Ended
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Mar. 31, 2022
Insurance Reserves for Losses and Claims [Abstract] |
Roll-forward of Insurance Reserves for Losses and Claims | The roll-forward of insurance reserves for losses and claims for the three months ended March 31, 2022 and 2021 is as follows:
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Beginning insurance reserves for losses and claims, gross |  | $ | 85,620 |  |  | $ | 79,147 |
Less: Reinsurance recoverable on unpaid losses |  |  | (17,690 | ) |  |  | (17,600 | )
Beginning insurance reserves for losses and claims, net |  |  | 67,930 |  |  |  | 61,547 |
Incurred related to: |  |  |  |  |  |  |  |
Current accident year |  |  | 32,542 |  |  |  | 32,928 |
Prior accident year development (1) |  |  | (1,523 | )(2) |  |  | 475 | (3)
Total incurred |  |  | 31,019 |  |  |  | 33,403 |
Paid related to: |  |  |  |  |  |  |  |
Current accident year |  |  | 10,629 |  |  |  | 10,917 |
Prior accident years |  |  | 19,966 |  |  |  | 20,984 |
Total paid |  |  | 30,595 |  |  |  | 31,901 |
Ending insurance reserves for losses and claims, net |  |  | 68,354 |  |  |  | 63,049 |
Plus: Reinsurance recoverable on unpaid losses |  |  | 16,881 |  |  |  | 18,236 |
Ending insurance reserves for losses and claims, gross |  | $ | 85,235 |  |  | $ | 81,285 |
(1) | In establishing property and casualty reserves, the Company initially reserves for losses at the higher end of the reasonable range if no other value within the range is determined to be more probable. Selection of such an initial loss estimate is an attempt by management to give recognition that initial claims information received generally is not conclusive with respect to legal liability, is generally not comprehensive with respect to magnitude of loss and generally, based on historical experience, will develop more adversely as time passes and more information becomes available. Accordingly, the Company generally experiences reserve redundancies when analyzing the development of prior year losses in a current period.
(2) | Prior years’ development was primarily the result of favorable development in both the life and health and the property and casualty operations.
(3) | Prior years’ development was primarily the result of unfavorable development in the loss and claim reserves for the Medicare supplement line of business in Bankers Fidelity. Partially offsetting the unfavorable development was favorable development in the property and casualty operations.
Reconciliation of Total Incurred Losses to Total Insurance Benefits and Losses | Following is a reconciliation of total incurred losses to total insurance benefits and losses incurred:
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Total incurred losses |  | $ | 31,019 |  |  | $ | 33,403 |
Cash surrender value and matured endowments |  |  | 362 |  |  |  | 247 |
Benefit reserve changes |  |  | (212 | ) |  |  | (378 | )
Total insurance benefits and losses incurred |  | $ | 31,169 |  |  | $ | 33,272 |

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- Definition A tabular disclosure of a reconciliation of total claims to total insurance benefits and losses. + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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