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Investments (Tables)
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Summary of Amortized Cost and Estimated Fair Values of Fixed Maturities
The amortized cost and estimated fair values of our fixed maturities at December 31, 2019 and 2018 are as follows:
 
   
2019
 
Held to Maturity
  
Amortized Cost
   
Gross
Unrealized
Gains
   
Gross
Unrealized
Losses
   
Estimated Fair
Value
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
  $82,916,052   $1,803,230   $68,560   $84,650,722 
Obligations of states and political subdivisions
   204,634,486    14,236,736    288,174    218,583,048 
Corporate securities
   156,398,001    8,274,912    333,166    164,339,747 
Mortgage-backed securities
   32,145,243    611,641    16,057    32,740,827 
   
 
 
   
 
 
   
 
 
   
 
 
 
Totals
  $476,093,782   $24,926,519   $705,957   $500,314,344 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
   
2019
 
Available for Sale
  
Amortized Cost
   
Gross
Unrealized
Gains
   
Gross
Unrealized
Losses
   
Estimated Fair
Value
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
  $19,302,056   $81,773   $19,370   $19,364,459 
Obligations of states and political subdivisions
   55,162,046    1,641,171    6,929    56,796,288 
Corporate securities
   154,946,586    4,477,035    180,312    159,243,309 
Mortgage-backed securities
   327,428,590    2,856,820    737,663    329,547,747 
   
 
 
   
 
 
   
 
 
   
 
 
 
Totals
  $556,839,278   $9,056,799   $944,274   $564,951,803 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
   
2018
 
Held to Maturity
  
Amortized Cost
   
Gross
Unrealized
Gains
   
Gross
Unrealized
Losses
   
Estimated Fair
Value
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
  $76,222,306   $174,904   $1,086,613   $75,310,597 
Obligations of states and political subdivisions
   159,292,158    8,236,804    704,104    166,824,858 
Corporate securities
   127,010,071    396,197    4,391,451    123,014,817 
Mortgage-backed securities
   40,273,983    64,318    450,277    39,888,024 
   
 
 
   
 
 
   
 
 
   
 
 
 
Totals
  $402,798,518   $8,872,223   $6,632,445   $405,038,296 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
   
2018
 
Available for Sale
  
Amortized Cost
   
Gross
Unrealized
Gains
   
Gross
Unrealized
Losses
   
Estimated Fair
Value
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
  $45,188,053   $25,241   $1,003,365   $44,209,929 
Obligations of states and political subdivisions
   73,760,836    1,762,127    306,994    75,215,969 
Corporate securities
   140,688,937    203,393    3,059,185    137,833,145 
Mortgage-backed securities
   275,474,625    148,967    6,324,331    269,299,261 
   
 
 
   
 
 
   
 
 
   
 
 
 
Totals
  $535,112,451   $2,139,728   $10,693,875   $526,558,304 
   
 
 
   
 
 
   
 
 
   
 
 
 
Summary of Amortized Cost and Estimated Fair Value of Fixed Maturities by Contractual Maturity Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
   
Amortized Cost
   
Estimated Fair
Value
 
Held to maturity
          
Due in one year or less
  $16,132,891   $16,205,362 
Due after one year through five years
   73,727,277    76,542,800 
Due after five years through ten years
   182,428,771    191,642,042 
Due after ten years
   171,659,600    183,183,313 
Mortgage-backed securities
   32,145,243    32,740,827 
   
 
 
   
 
 
 
Total held to maturity
  $476,093,782   $500,314,344 
   
 
 
   
 
 
 
Available for sale
          
Due in one year or less
  $12,943,726   $13,075,792 
Due after one year through five years
   89,684,400    91,992,458 
Due after five years through ten years
   112,308,452    115,407,525 
Due after ten years
   14,474,110    14,928,281 
Mortgage-backed securities
   327,428,590    329,547,747 
   
 
 
   
 
 
 
Total available for sale
  $556,839,278   $564,951,803 
   
 
 
   
 
 
 
Summary of Cost and Estimated Fair Values of Equity Securities
The cost and estimated fair values of our equity securities at December 31, 2019 were as follows:
 
   
Cost
   
Gross Gains
   
Gross Losses
   
Estimated Fair
Value
 
Equity securities
  $43,419,136   $12,179,912   $121,492   $55,477,556 
The cost and estimated fair values of our equity securities at December 31, 2018 were as follows:
 
   
Cost
   
Gross Gains
   
Gross Losses
   
Estimated Fair
Value
 
Equity securities
  $40,942,716   $4,817,917   $2,093,624   $43,667,009 
Summary of Net Investment Income, consisting Primarily of Interest and Dividends
We derive
d
net investment income, consisting primarily of interest and dividends, from the following sources:
 
   
2019
   
2018
   
2017
 
Fixed maturities
  $29,969,774   $27,733,555   $26,143,924 
Equity securities
   1,268,056    1,264,120    999,335 
Short-term investments
   1,243,104    795,522    407,580 
Other
   29,251    29,450    33,316 
   
 
 
   
 
 
   
 
 
 
Investment income
   32,510,185    29,822,647    27,584,155 
Investment expenses
   (2,995,230)    (2,914,991)    (4,056,851) 
   
 
 
   
 
 
   
 
 
 
Net investment income
  $29,514,955   $26,907,656   $23,527,304 
   
 
 
   
 
 
   
 
 
 
Summary of Gross Investment Gains and Losses before Applicable Income Taxes
We present below gross gains and losses from investments, including those we classified as held to maturity, and the change in the difference between fair value and cost of investments:
 
   
2019
   
2018
   
2017
 
Gross gains:
               
Fixed maturities
  $470,983   $131,660   $168,855 
Equity securities
   10,471,285    1,890,762    6,197,253 
Investment in affiliate
   12,662,147           
    23,604,415    2,022,422    6,366,108 
Gross losses:
               
Fixed maturities
   323,746    630,904    98,723 
Equity securities
   1,296,052    6,193,027    562,130 
    1,619,798    6,823,931    660,853 
Net investment gains (losses)
  $21,984,617   $(4,801,509)   $5,705,255 
Change in difference between fair value and cost of investments:
               
Fixed maturities
  $38,647,456   $(20,641,433)   $2,335,578 
Equity securities
   9,334,127    (3,501,853)    1,569,999 
Totals
  $47,981,583   $(24,143,286)   $3,905,577 
Summary of Fixed Maturities with Unrealized Losses
We held fixed maturities with unrealized losses representing declines that we considered temporary at December 31, 2019 as follows:
 
   
Less than 12 months
   
12 months or longer
 
   
Fair Value
   
Unrealized
Losses
   
Fair Value
   
Unrealized
Losses
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
  $7,461,245   $45,688   $5,394,735   $42,242 
Obligations of states and political subdivisions
   23,339,340    293,516    2,326,813    1,587 
Corporate securities
   19,362,346    263,280    18,803,546    250,198 
Mortgage-backed securities
   28,507,123    55,729    74,088,769    697,991 
   
 
 
   
 
 
   
 
 
   
 
 
 
Totals
  $78,670,054   $658,213   $100,613,863   $992,018 
   
 
 
   
 
 
   
 
 
   
 
 
 
We held fixed maturities with unrealized losses representing declines that we considered temporary at December 31, 2018 as follows:
 
   
Less than 12 months
   
12 months or longer
 
   
Fair Value
   
Unrealized
Losses
   
Fair Value
   
Unrealized
Losses
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
  $26,342,398   $165,774   $54,900,027   $1,924,204 
Obligations of states and political subdivisions
   28,321,962    477,357    21,559,520    533,741 
Corporate securities
   149,269,854    4,482,870    59,396,885    2,967,766 
Mortgage-backed securities
   82,593,454    912,616    181,379,875    5,861,992 
   
 
 
   
 
 
   
 
 
   
 
 
 
Totals
  $286,527,668   $6,038,617   $317,236,307   $11,287,703