OTHER CASH FLOW DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2012

OTHER CASH FLOW DISCLOSURES [Abstract]

Expenses paid on a cash basis

On a cash basis, the Company paid the following expenses for the periods ended December 31:

		2012		2011
Interest expense	$	215,255	$	251,791
Federal income tax		3,413,081		5,801,521

Assets received attributable to reinsurance agreement

At the end of August 2012, the reinsurance agreement with Canada Life Assurance Company was fully repaid.  At that time, the reserves were recaptured through elimination of reinsurance recoverable in exchange for assets received equal to the recaptured reserves.  The following table reflects the breakdown of the assets received.

		Assets Received
Bonds	$	27,651,746
Common Stock		1,023,394
Cash		2,480,706
Total	$	31,155,846