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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2012

Schedule Of Assumptions Used To Determine Fair Value


	2012		2011
Cumulative probability of earning maximum rate until maturity	0.0-0.2	%	0.0-0.1	%
Cumulative probability of principal returned prior to maturity	95.8-98.6%		95.4-98.7%
Cumulative probability of default at some future point	1.4-4.2	%	1.3-4.6	%
Liquidity risk premium	4.0-4.5	%	4.5-5.0	%

Schedule Of Fair Value Assets Measured On Recurring Basis


As of June 30, 2012		Level 1		Level 2		Level 3		Total
Short-term investments	$	8,420,944	$	-	$	-	$	8,420,944
Equity securities
Common stock and nonredeemable preferred stock		25,961,611		-		-		25,961,611
Fixed maturities
Obligations of states and political subdivisions*		-		64,433,570		932,900		65,366,470
Corporate debt securities*		-		20,479,972		2,765,200		23,245,172
Total	$	34,382,555	$	84,913,542	$	3,698,100	$	122,994,197

As of December 31, 2011		Level 1		Level 2		Level 3		Total
Short-term investments	$	14,112,262	$	-	$	-	$	14,112,262
Equity securities
Common stock and nonredeemable preferred stock		22,549,975		-		-		22,549,975
Fixed maturities
Obligations of states and political subdivisions*		-		67,612,793		1,834,700		69,447,493
Corporate debt securities*		-		13,242,172		2,717,700		15,959,872
Total	$	36,662,237	$	80,854,965	$	4,552,400	$	122,069,602

*Denotes fair market value obtained from pricing services.

Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed


As of June 30, 2012:
Financial Assets	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Cash	$	17,457,651	$	17,457,651	$	17,457,651	$	-	$	-
Cost-basis investments		1,714,073		2,088,372		-		-		1,714,073
Accrued dividends and interest		1,136,981		1,136,981		1,136,981		-		-
Total	$	20,308,705	$	20,683,004	$	18,594,632	$	-	$	1,714,073

Financial Liabilities
Contingent liability	$	691,250	$	691,250	$	-	$	-	$	691,250
Total	$	691,250	$	691,250	$	-	$	-	$	691,250


As of December 31, 2011:
Financial Assets	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Cash	$	18,042,258	$	18,042,258	$	18,042,258	$	-	$	-
Cost-basis investments		1,303,887		1,688,262		-		-		1,303,887
Accrued dividends and interest		1,108,156		1,108,156		1,108,156		-		-
Total	$	20,454,301	$	20,838,676	$	19,150,414	$	-	$	1,303,887

Schedule Of Fair Value Assets Measured At Unobservable Inputs Reconciliation


Changes in fair value during the period ended:		2012			2011
Beginning balance at January 1	$	4,552,400		$	5,472,244
Redemptions and sales		(1,000,000	)		(900,000	)
Realized gain - included in realized gain on investments		40,057			43,199
Realized loss - included in realized gain on investments		-			(101,861	)
Unrealized gain - included in other comprehensive income		105,643			38,818
Ending balance, net	$	3,698,100		$	4,552,400

Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3)


Changes in fair value during the period ended:		2012		2011
Beginning balance at January 1	$	-	$	-
Addition of contingent liability		691,250		-
Ending balance, net	$	691,250	$	-

Schedule Of Estimated Fair Value Hierarchy Of Investments And Related Impairments Recognized


December 31, 2011	Valuation Method	Impaired	Level 1		Level 2		Level 3		Total at Estimated Fair Value		Impairment Losses
Cost method investments	Fair Value	Yes	$	-	$	-	$	58,281	$	58,281	$	(28,904	)
Other assets	Fair Value	Yes		-		-		17,000		17,000		(15,500	)

Total cost method
investments and other
assets			$	-	$	-	$	75,281	$	75,281	$	(44,404	)

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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- Definition

Tabular disclosure of all information related to the key inputs and assumptions (including, at a minimum, but not limited to, and if applicable, quantitative information about discount rates, expected prepayments including the expected weighted-average life of prepayable financial assets, and anticipated credit losses) used in measuring the fair value of assets or liabilities that relate to the transferor's continuing involvement with transferred financial assets, as of the balance sheet date.

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