FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2016

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, 2016.

		Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	9,264,960	$	180,348,186	$	2,234,069	$	191,847,215
Equity Securities, available for sale		19,730,733		5,893,870		28,743,170		54,367,773
Trading Securities		63,000		0		0		63,000
Total	$	29,058,693	$	186,242,056	$	30,977,239	$	246,277,988
Liabilities
Trading Securities	$	53,721	$	-	$	-	$	53,721

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, 2015.

		Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	10,459,758	$	173,632,645	$	1,026,694	$	185,119,097
Equity Securities, available for sale		13,312,331		5,567,061		26,805,948		45,685,340
Total	$	23,772,089	$	179,199,706	$	27,832,642	$	230,804,437
Liabilities
Trading Securities	$	28,609	$	-	$	-	$	28,609

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, 2015	$	1,026,694	$	26,805,948	$	27,832,642
Total unrealized gains (losses):
Included in realized gains (losses)		54,881		-		54,881
Included in other comprehensive income		1,250,898		1,291,614		2,542,512
Purchases		-		897,158		897,158
Sales	$	(98,404)	$	(251,550)	$	(349,954)
Balance at June 30, 2016		2,234,069		28,743,170		30,977,239

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 Consolidated Balance Sheets are shown below. Because the fair value for all 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, 2016				December 31, 2015
Assets		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Mortgage loans on real estate	$	19,379,549	$	19,775,065	$	17,769,930	$	17,775,178
Investment real estate		51,475,190		51,475,190		47,650,102		47,650,102
Notes receivable		14,963,160		14,963,160		10,597,907		10,597,907
Policy loans		10,566,130		10,566,130		10,684,244		10,684,244
Cash and cash equivalents		14,033,579		14,033,579		11,822,615		11,822,615