FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2021

FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value of financial instruments

	Level 1		Level 2		Level 3		Total
September 30, 2021
Financial instruments:
Available-for-sale fixed maturities:
U.S. Treasury securities	$	7,347,117	$	-	$	-	$	7,347,117
Corporate securities		-		47,469,519		-		47,469,519
Agency mortgage-backed securities		-		23,892,554		-		23,892,554
Held-to-maturity fixed securities:
Certificates of deposits		-		548,000				548,000
Equity securities		3,683,154		-		-		3,683,154
Short-term investments		2,661,690		-		-		2,661,690
Total financial instruments at fair value	$	13,691,961	$	71,910,073	$	-	$	85,602,034
December 31, 2020
Financial instruments:
Available-for-sale fixed maturities:
U.S. Treasury securities	$	10,832,181	$	-	$	-	$	10,832,181
Corporate securities		-		46,451,905		-		46,451,905
Agency mortgage-backed securities		-		26,125,608		-		26,125,608
Held-to-maturity fixed securities:
Certificated of deposits		-		798,000				798,000
Equity securities		2,746,706		-		-		2,746,706
Short-term investments		200,000		-		-		200,000
Total financial instruments at fair value	$	13,778,887	$	73,375,513	$	-	$	87,154,400