5. Fair Value of Financial Instruments and Real Estate

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

5. Fair Value of Financial Instruments and Real Estate

The estimated fair values of the Company’s financial instruments and real estate as of March 31, 2020 and December 31, 2019 are as follows:

	March 31, 2020		December 31, 2019
	Carrying	Estimated	Carrying	Estimated
	Value	Fair Value	Value	Fair Value
Fixed-maturity securities-held-to maturity	$        3,826,404	$        4,136,710	$        3,825,952	$       4,124,767
Cash and cash equivalents	$      25,586,789	$      25,586,789	$      32,391,485	$     32,391,485
Premiums receivable, net	$      11,913,123	$      11,913,123	$      12,706,411	$     12,706,411
Reinsurance receivables, net	$      42,709,055	$      42,709,055	$      40,750,538	$     40,750,538
Real estate, net of accumulated depreciation	$        2,275,307	$        2,705,000	$        2,292,743	$       2,705,000
Reinsurance balances payable	$        5,337,287	$        5,337,287	$      11,714,724	$     11,714,724