FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2015

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, 2015.

		Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	11,889,848	$	178,531,725	$	927,199	$	191,348,772
Equity Securities, available for sale		10,751,651		7,135,365		27,521,695		45,408,711
Total	$	22,641,499	$	185,667,090	$	28,448,894	$	236,757,483
Liabilities
Trading Securities	$	89,848	$	0	$	0	$	89,848

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, 2014.

		Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	13,374,878	$	183,236,853	$	869,725	$	197,481,456
Equity Securities, available for sale		4,756,292		7,361,076		28,878,634		40,996,002
Trading Securities		3,826,250		0		0		3,826,250
Total	$	21,957,420	$	190,597,929	$	29,748,359	$	242,303,708
Liabilities
Trading Securities	$	23,853	$	0	$	0	$	23,853

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, 2014	$	869,725	$	28,878,634	$	29,748,359
Total unrealized gains (losses):
Included in realized gains(losses)		0		0		0
Included in other comprehensive income		57,474		415,774		473,248
Purchases		0		1,005,625		1,005,625
Sales	$	0	$	(2,778,338)	$	(2,778,338)
Balance at June 30, 2015		927,199		27,521,695		28,448,894

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, 2015				December 31, 2014
Assets		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Mortgage loans on real estate	$	9,769,560	$	10,103,835	$	14,060,930	$	14,236,676
Discounted mortgage loans		5,516,065		5,516,065		9,101,052		9,101,052
Investment real estate		53,131,234		53,131,234		51,007,101		51,007,101
Policy loans		10,832,464		10,832,464		11,104,485		11,104,485
Cash and cash equivalents		20,644,252		20,644,252		13,977,443		13,977,443
Short term investments		4,012,988		4,012,988		4,382,181		4,382,181
Collateral and non-collateral loans		5,212,560		5,212,560		5,612,560		5,612,560
Liabilities
Notes payable		2,400,000		2,400,000		4,400,000		4,400,000