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INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2012

Amortized cost and estimated values of investments in securities including investments held for sale

Investments in available for sale securities are summarized as follows:

June 30, 2012	Original or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Investments available for sale:
Fixed maturities
U.S. Government and govt. agencies and authorities	$	25,808,010	$	3,492,117	$	0		$	29,300,127
States, municipalities and political subdivisions		195,000		7,952		0			202,952
Collateralized mortgage obligations		363,190		2,485		(2,599	)		363,076
Public utilities		399,893		63,098		0			462,991
All other corporate bonds		130,486,127		5,684,032		(2,408,880	)		133,761,279
		157,252,220		9,249,684		(2,411,479	)		164,090,425
Equity securities		24,813,689		1,009,534		(91,813	)		25,731,410
Total	$	182,065,909	$	10,259,218	$	(2,503,292	)	$	189,821,835

December 31, 2011	Original or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Investments available for sale:
Fixed maturities
U.S. Government and govt. agencies and authorities	$	56,794,363	$	13,805,565	$	0		$	70,599,928
States, municipalities and political subdivisions		235,000		6,317		0			241,317
Collateralized mortgage obligations		750,944		11,756		(2,973	)		759,727
Public utilities		399,887		62,188		0			462,075
All other corporate bonds		49,334,206		4,901,684		(1,715,760	)		52,520,130
		107,514,400		18,787,510		(1,718,733	)		124,583,177
Equity securities		16,200,043		1,216,286		(116,701	)		17,299,628
Total	$	123,714,443	$	20,003,796	$	(1,835,434	)	$	141,882,805

Amortized cost and estimated market value of debt securities, by contractual maturity

The amortized cost and estimated market value of debt securities at June 30, 2012, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Fixed Maturities Available for Sale June 30, 2012	Amortized Cost		Estimated Market Value

Due in one year or less	$	0	$	0
Due after one year through five years		24,227,580		25,964,171
Due after five years through ten years		91,150,733		94,705,280
Due after ten years		41,510,717		43,057,898
Collateralized mortgage obligations		363,190		363,076
Total	$	157,252,220	$	164,090,425

Fair value of investments with sustained gross unrealized losses

The fair value of investments with sustained gross unrealized losses at June 30, 2012 and December 31, 2011 are as follows:

	June 30, 2012						December 31, 2011

	Fair value		Unrealized losses		Number of Securities		Fair value		Unrealized losses		Number of Securities
Fixed Maturities:
Less than 12 months:
Collateralized mortgage obligations	$	6,201	$	31		1	$	7,008	$	36		1
All other corporate bonds		41,614,109		771,403		21		3,915,393		17,574		4
Greater than 12 months:
Collateralized mortgage obligations		96,928		2,568		1		97,868		2,937		2
All other corporate bonds		1,324,925		1,637,477		4		1,268,583		1,698,186		4
Total fixed maturities		43,042,163		2,411,479		27		5,288,852		1,718,733		11

Equities:
Less than 12 months		4,675,249		6,951		1		848,032		55,141		2
Greater than 12 months		449,138		84,862		1		292,441		61,560		1
Total equities		5,124,387		91,813		2		1,140,473		116,701		3
Total fixed maturities and equities	$	48,166,550	$	2,503,292		29	$	6,429,325	$	1,835,434		14

Other than temporary impairments

	Six Months Ended
	June 30,
		2012		2011

Other than temporary impairments:
Mortgage loans	$	0	$	262,067

Trading revenue charged to investment

Securities designated as trading securities are reported at fair value, with gains or losses resulting from changes in fair value recognized in net investment income on the Condensed Consolidated Statements of Income. Trading securities include exchange-traded equities and exchange-traded options. Trading securities carried as liabilities are securities sold short. A gain, limited to the price at which the security was sold short, or a loss, potentially unlimited in size, will be recognized upon the termination of the short sale. The fair value of derivatives included in trading security assets and trading security liabilities as of June 30, 2012 was $7,726,989 and $(6,869,725), respectively. The fair value of derivatives included in trading security assets and trading security liabilities as of December 31, 2011 was $3,217,420 and $(4,187,885), respectively. Earnings from trading securities are classified in cash flows from operating activities. Trading revenue charged to net investment income from trading securities was:

	Six Months Ended
	June 30,
		2012		2011

Net unrealized gains	$	167,251	$	1,357,344
Net realized gains		1,698,758		1,725,993
Net unrealized and realized gains	$	1,866,009	$	3,083,337

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

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-Name Emerging Issues Task Force (EITF)

-Number 03-1

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 320

-Section 50

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

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-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27337-111563

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

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Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 320

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

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-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

+ Details

- Definition

Tabular disclosure of investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities and on cash and cash equivalents, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums, respectively. This item does not include realized or unrealized gains or losses on the sale or holding of investments in debt and equity securities required to be included in earnings for the period or for other than temporary losses related to investments in debt and equity securities which are included in realized losses in the period recognized.

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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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