FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2013

FAIR VALUE MEASUREMENTS [Abstract]

Financial assets and liabilities measured on recurring basis

The following table presents the Company's assets and liabilities measured at fair value in the condensed consolidated balance sheet on a recurring basis as of June 30, 2013.

	Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	20,405,327	$	153,446,375	$	332,137	$	174,183,839
Equity Securities, available for sale		1,600,776		7,350,216		29,940,181		38,891,173
Trading Securities		5,786,943		0		0		5,786,943
Total	$	27,793,046	$	160,796,591	$	30,272,318	$	218,861,955
Liabilities
Trading Securities	$	869,761	$	0	$	0	$	869,761

The following table presents the Company's assets and liabilities measured at fair value in the Condensed Consolidated Balance Sheet on a recurring basis as of December 31, 2012.

	Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	20,993,398	$	166,060,160	$	273,727	$	187,327,285
Equity Securities, available for sale		1,448,585		6,092,614		22,963,715		30,504,914
Trading Securities		13,903,148		115,312		0		14,018,460
Total	$	36,345,131	$	172,268,086	$	23,237,442	$	231,850,659
Liabilities
Trading Securities	$	7,552,704	$	0	$	0	$	7,552,704

The following table provides reconciliations for Level 3 assets measured at fair value on a recurring basis. Transfers into and out of Level 3 are recognized as of the end of the quarter in which they occur.

	Fixed Maturities, Available for Sale		Equity Securities, Available for Sale			Total
Balance at December 31, 2012	$	273,727	$	22,963,715		$	23,237,442
Total unrealized gain or losses:
Included in other comprehensive income		58,410		(43,054	)		15,356
Purchases		0		7,019,520			7,019,520
Balance at June 30, 2013	$	332,137	$	29,940,181		$	30,272,318

Estimated fair value of financial instruments required to be valued by ASC 820

The carrying values and estimated fair values of certain of the Company's financial instruments not recorded at fair value in the condensed consolidated balance sheets are shown below. Because the fair value for all condensed consolidated balance sheet items are not required to be disclosed, the aggregate fair value amounts presented below are not reflective of the underlying value of the Company.

	June 30, 2013				December 31, 2012
Assets	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Mortgage loans on real estate	$	10,103,247	$	10,173,968	$	17,671,554	$	17,803,159
Discounted mortgage loans		25,043,446		25,043,446		26,336,953		26,336,953
Investment real estate		77,974,348		77,974,348		68,165,013		68,165,013
Policy loans		12,059,168		12,059,168		12,591,572		12,591,572
Cash and cash equivalents		22,282,466		22,282,466		23,321,246		23,321,246
Short term investments		0		0		6,268,320		6,268,320
Liabilities
Notes payable		18,655,035		18,655,035		18,857,954		18,857,954