G. Reserve for Losses and Loss Expense (Tables)

12 Months Ended

May 31, 2017

Reserve For Losses And Loss Expense Tables

Schedule of Reserve for Losses and Loss Expense

At May 31, 2017 and May 31, 2016, the reserve for losses and loss expenses consisted of:

	2017			2016
Balance at beginning of year	$	2,491,479		$	2,254,035
Incurred policy losses-current year		494,659			243,632
Incurred policy losses-prior year		—			20,402
Paid policy losses – current year		(7,597	)		(1,590	)
Paid policy losses-prior year		—			(25,000	)
Balance at end of year	$	2,978,541		$	2,491,479
Reserve for anticipated salvage		(456,620	)		(475,000	)
Ceded losses outstanding		—			(84,700	)
Balance at year end, net of reserve	$	2,521,921			1,931,779