INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2014

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

Investments in available for sale securities are summarized as follows:

March 31, 2014	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	$	32,967,799	$	3,197,556	$	(94,083	)	$	36,071,272
States, municipalities and political subdivisions		105,000		513		0			105,513
U.S. special revenue and assessments		1,703,755		83,382		(227,230	)		1,559,907
Collateralized mortgage obligations		1,188,632		108,187		(14	)		1,296,805
Public utilities		399,917		50,438		0			450,355
All other corporate bonds		132,782,346		5,604,616		(1,959,663	)		136,427,299
		169,147,449		9,044,692		(2,280,990	)		175,911,151
Equity securities		38,479,572		2,226,327		0			40,705,899
Total	$	207,627,021	$	11,271,019	$	(2,280,990	)	$	216,617,050

December 31, 2013	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	$	32,963,938	$	3,156,158	$	(107,550	)	$	36,012,546
States, municipalities and political subdivisions		110,000		0		(924	)		109,076
U.S. special revenue and assessments		2,152,892		95,763		(239,620	)		2,009,035
Collateralized mortgage obligations		1,289,975		116,900		(13	)		1,406,862
Public utilities		399,913		49,567		0			449,480
All other corporate bonds		134,168,678		3,483,229		(3,229,082	)		134,422,825
		171,085,396		6,901,617		(3,577,189	)		174,409,824
Equity securities		38,625,230		1,889,748		0			40,514,978
Total	$	209,710,626	$	8,791,365	$	(3,577,189	)	$	214,924,802

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

The amortized cost and estimated market value of debt securities at March 31, 2014, 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 March 31, 2014	Amortized Cost		Estimated Fair Value

Due in one year or less	$	1,324,432	$	1,369,862
Due after one year through five years		25,476,209		27,068,104
Due after five years through ten years		98,191,729		102,656,995
Due after ten years		42,966,447		43,519,385
Collateralized mortgage obligations		1,188,632		1,296,805
Total	$	169,147,449	$	175,911,151

Fair value of investments with sustained gross unrealized losses

The fair value of investments with sustained gross unrealized losses at March 31, 2014 and December 31, 2013 are as follows:

March 31, 2014	Less than 12 months					12 months or longer					Total

	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
U.S. Government and govt. agencies and authorities	$	0		0		$	4,902,734		(94,083	)	$	4,902,734		(94,083	)
U.S. Special Revenue and Assessments		760,090		(227,230	)		0		0			760,090		(227,230	)
MBS/Collateralized mortgage obligations		1,884		(14	)		0		0			1,884		(14	)
All other corporate bonds		20,790,667		(517,325	)		6,571,706		(1,442,338	)		27,362,373		(1,959,663	)
Total fixed maturities	$	21,552,641		(744,569	)	$	11,474,440		(1,536,421	)	$	33,027,081		(2,280,990	)

Equity securities	$	0		0		$	0		0		$	0		0

December 31, 2013	Less than 12 months					12 months or longer					Total

	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
U.S. Government and govt. agencies and authorities	$	4,889,060		(107,550	)	$	0		0		$	4,889,060		(107,550	)
States, municipalities and political subdivisions		109,076		(924	)		0		0			109,076		(924	)
U.S. special revenue and assessments		747,700		(239,620	)		0		0			747,700		(239,620	)
Collateralized mortgage obligations		1,922		(13	)		0		0			1,922		(13	)
All other corporate bonds		49,430,637		(1,481,562	)		7,318,832		(1,747,520	)		56,749,469		(3,229,082	)
Total fixed maturities	$	55,178,395		(1,829,669	)	$	7,318,832		(1,747,520	)	$	62,497,227		(3,577,189	)

Equity securities	$	0		0		$	0		0		$	0		0

Additional information regarding investments in an unrealized loss position is as follows:

	Less than 12 months	12 months or longer	Total
As of March 31, 2014
Fixed maturities	13	7	20
Equity securities	0	0	0
As of December 31, 2013
Fixed maturities	30	5	35
Equity securities	0	0	0

Other than temporary impairments

Based on management's review of the investment portfolio, the Company recorded the following losses for other-than-temporary impairments in the Condensed Consolidated Statements of Operations:

	Three Months Ended
	March 31,
	2014		2013

Other than temporary impairments:
Real estate	$	0	$	26,926

Trading revenue charged to investment

Trading revenue charged to net investment income from trading securities was:

	Three Months Ended
	March 31,
	2014		2013

Net unrealized gains (losses)	$	260,651	$	(297,344	)
Net realized gains (losses)		21,173		86,271
Net unrealized and realized gains (losses)	$	281,824	$	(211,073	)

- 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.

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- Definition

Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments.

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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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