XML 46 R47.htm IDEA: XBRL DOCUMENT

Life Policy and Deposit Contract Reserves (Tables)

12 Months Ended

Dec. 31, 2014

Liability for Future Policy Benefits [Abstract]

Schedule of components of life policy and deposit contract liability balances

The following table provides the components of our life policy and deposit contract liability balances for the years ended December 31:



(in millions)	Erie Family Life Insurance Company
	2014		2013		2012
Deferred annuities	$	1,145	$	1,135	$	1,136
Ordinary/traditional life	374		343		313
Universal life	283		260		242
Other	10		20		17
Life policy and deposit contract reserves	$	1,812	$	1,758	$	1,708

- 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+ Details