Reinsurance |
12 Months Ended |
|---|---|
Dec. 31, 2016 | |
| Reinsurance Disclosures [Abstract] | |
| Reinsurance | REINSURANCE Effective January 1, 2011, the Company began reinsuring any risk on any one life in excess of $500,000. The Company's general policy prior to that date was to reinsure that portion of any risk in excess of $250,000 on the life of any one individual. Total life insurance in force was $20.9 billion and $22.0 billion at December 31, 2016 and 2015, respectively. Of these amounts, life insurance in force totaling $4.7 billion and $5.0 billion was ceded to reinsurance companies on a yearly renewable term basis at December 31, 2016 and 2015, respectively. In accordance with the reinsurance contracts, reinsurance receivables including amounts related to claims incurred but not reported and liabilities for future policy benefits totaled $2.0 million and $3.7 million at December 31, 2016 and 2015, respectively. Premiums and contract revenues were reduced by $19.7 million, $19.1 million and $19.0 million for reinsurance premiums ceded during 2016, 2015 and 2014, respectively. Benefit expenses were reduced by $12.0 million, $14.2 million and $6.4 million, for reinsurance recoveries during 2016, 2015 and 2014, respectively. A contingent liability exists with respect to reinsurance, as the Company remains liable if the reinsurance companies are unable to perform and meet their obligations under the existing agreements. The Company does not assume reinsurance. |