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Investments (Tables)
 12 Months Ended
Dec. 31, 2016
Investments [Abstract]  
Amortized cost and estimated values of investments in securities including investments held for sale
The following tables provide a summary of fixed maturities available for sale and equity securities by original or amortized cost and estimated fair value:

December 31, 2016
 
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
 
$
9,058,210
  
$
74,581
  
$
(96,981
)
 
$
9,035,810
 
U.S. special revenue and assessments
  
10,145,531
   
1,002,789
   
(14,043
)
  
11,134,277
 
All other corporate bonds
  
151,392,119
   
17,234,691
   
(1,557,179
)
  
167,069,631
 
   
170,595,860
   
18,312,061
   
(1,668,203
)
  
187,239,718
 
Equity securities
  
37,014,712
   
15,214,862
   
(522,471
)
  
51,707,103
 
Total
 
$
207,610,572
  
$
33,526,923
  
$
(2,190,674
)
 
$
238,946,821
 

December 31, 2015
 
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
 
$
20,336,681
  
$
1,441,890
  
$
(32,083
)
 
$
21,746,488
 
U.S. special revenue and assessments
  
1,137,546
   
7,843
   
(2,550
)
  
1,142,839
 
All other corporate bonds
  
167,173,444
   
3,762,156
   
(8,705,830
)
  
162,229,770
 
   
188,647,671
   
5,211,889
   
(8,740,463
)
  
185,119,097
 
Equity securities
  
43,954,737
   
2,119,205
   
(388,602
)
  
45,685,340
 
Total
 
$
232,602,408
  
$
7,331,094
  
$
(9,129,065
)
 
$
230,804,437
 
Amortized cost and estimated market value of debt securities, by contractual maturity
The following table provides a summary of fixed maturities by contractual maturity as of  December 31, 2016. Actual maturities could differ from contractual maturities due to call or prepayment provisions:

Fixed Maturities Available for Sale
December 31, 2016
 
Amortized
Cost
  
Estimated
Fair Value
 
       
Due in one year or less
 
$
8,178,067
  
$
8,350,504
 
Due after one year through five years
  
28,138,646
   
40,984,724
 
Due after five years through ten years
  
45,573,480
   
47,258,739
 
Due after ten years
  
88,705,667
   
90,645,751
 
Collateralized mortgage obligations
  
0
   
0
 
Total
 
$
170,595,860
  
$
187,239,718
 
Fair value of investments with sustained gross unrealized losses
The fair value of investments with sustained gross unrealized losses at December 31, 2016 and 2015 are as follows:

December 31, 2016
 
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
 
$
6,578,248
   
(96,981
)
 
$
0
   
0
  
$
6,578,248
   
(96,981
)
U.S. special revenue and assessments
  
974,250
   
(14,043
)
  
0
   
0
   
974,250
   
(14,043
)
All other corporate bonds
  
50,161,487
   
(1,408,828
)
  
4,023,510
   
(148,351
)
  
54,184,997
   
(1,557,179
)
Total fixed maturities
 
$
57,713,985
   
(1,519,852
)
 
$
4,023,510
   
(148,351
)
 
$
61,737,495
   
(1,668,203
)
Equity securities
 
$
4,703,033
   
(522,471
)
 
$
0
   
0
  
$
4,703,033
   
(522,471
)

 
December 31, 2015
 
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
  
4,966,210
   
(32,083
)
  
0
   
0
   
4,966,210
   
(32,083
)
U.S. special revenue and assessments
  
984,770
   
(2,550
)
  
0
   
0
   
984,770
   
(2,550
)
All other corporate bonds
 
$
85,734,097
   
(5,255,276
)
 
$
19,400,640
   
(3,450,554
)
 
$
105,134,737
   
(8,705,830
)
Total fixed maturities
 
$
91,685,077
   
(5,289,909
)
 
$
19,400,640
   
(3,450,554
)
 
$
111,085,717
   
(8,740,463
)
Equity securities
 
$
4,741,132
   
(388,602
)
 
$
0
   
0
  
$
4,741,132
   
(388,602
)
Number of securities in a continuous unrealized loss position
The following table provides additional information regarding the number of securities that were in an unrealized loss position for greater than or less than twelve months:

  
Less than 12 months
  
12 months or longer
  
Total
 
As of December 31, 2016
         
Fixed maturities
  
25
   
3
   
28
 
Equity securities
  
3
   
0
   
3
 
As of December 31, 2015
            
Fixed maturities
  
40
   
9
   
49
 
Equity securities
  
9
   
0
   
9
 
Trading revenue charged to investment
The following table reflects trading securities revenue charged to net investment income for the periods ended December 31:

  
2016
  
2015
 
       
Net unrealized gains (losses)
 
$
31,259
  
$
(945,128
)
Net realized gains (losses)
  
0
   
515,967
 
Net unrealized and realized gains (losses)
 
$
31,259
  
$
(429,161
)
Loan payment performance since inception
During 2016 and 2015, the maximum and minimum lending rates for mortgage loans were:

  
2016
  
2015
 
  
Maximum
rate
  
Minimum
rate
  
Maximum
rate
  
Minimum
rate
 
             
Farm Loans
  
5.00
%
  
5.00
%
  
0.00
%
  
0.00
%
Commercial Loans
  
8.00
%
  
4.00
%
  
8.00
%
  
4.00
%
Residential Loans
  
8.00
%
  
3.94
%
  
8.00
%
  
3.00
%
Discounted mortgage holdings
The following table summarizes the number of loans held in the discounted mortgage loan portfolio and the carrying value of the loans:

December 31, 2016
Payment Frequency
 
Number of Loans
  
Carrying
Value
 
       
No payments received
  
8
  
$
0
 
One-time payment received
  
1
   
0
 
Irregular payments received
  
2
   
20,834
 
Periodic payments received
  
5
   
2,168,062
 
Total
  
16
  
$
2,188,896
 

December 31, 2015
Payment Frequency
 
Number of Loans
  
Carrying
Value
 
       
No payments received
  
8
  
$
0
 
One-time payment received
  
1
   
0
 
Irregular payments received
  
2
   
20,834
 
Periodic payments received
  
7
   
5,347,215
 
Total
  
18
  
$
5,368,049
 

The following table summarizes the mortgage loan holdings of the Company for the periods ended December 31:

  
2016
  
2015
 
       
In good standing
 
$
16,388,477
  
$
14,701,228
 
Overdue interest over 90 days
  
20,834
   
20,834
 
Restructured
  
60,827
   
126,118
 
In process of foreclosure
  
2,107,234
   
2,921,750
 
Total mortgage loans
 
$
18,577,372
  
$
17,769,930
 
Total foreclosed loans during the year
 
$
735,000
  
$
0
 
Schedule of net investment income
Analysis of Investment Operations

The following table reflects the Company’s net investment income for the periods ended December 31:

  
2016
  
2015
 
       
Fixed maturities
 
$
9,217,413
  
$
8,559,938
 
Equity securities
  
1,393,816
   
1,708,786
 
Trading securities
  
31,259
   
(429,161
)
Mortgage loans
  
1,814,499
   
5,700,492
 
Real estate
  
1,862,400
   
1,474,726
 
Notes receivable
  
1,458,878
   
787,658
 
Policy loans
  
618,775
   
720,544
 
Cash and cash equivalents
  
14,583
   
681
 
Short-term
  
7,877
   
699,357
 
Total consolidated investment income
  
16,419,500
   
19,223,021
 
Investment expenses
  
(3,474,952
)
  
(3,663,086
)
Consolidated net investment income
 
$
12,944,548
  
$
15,559,935
 
Net realized investment gains losses
The following table reflects the Company’s net realized investments gains and losses for the periods ended December 31:

2016
 
Gross
Realized
Gains
  
Gross
Realized
(Losses)
  
Net
Realized
Gains (Losses)
 
          
Fixed maturities
 
$
1,449,956
  
$
(89,721
)
 
$
1,360,235
 
Real estate
  
4,942,675
   
(8,109
)
  
4,934,566
 
Common stock
  
1,615,446
   
(32,835
)
  
1,582,611
 
Notes receivable – OTTI
  
0
   
(465,754
)
  
(465,754
)
Total realized gains (losses)
 
$
8,008,077
  
$
(596,419
)
 
$
7,411,658
 

2015
 
Gross
Realized
Gains
  
Gross
Realized
(Losses)
  
Net
Realized
Gains (Losses)
 
          
Fixed maturities
 
$
1,289,455
  
$
(41,215
)
 
$
1,248,240
 
Real estate
  
5,968,558
   
0
   
5,968,558
 
Common stock
  
48,165
   
(238,794
)
  
(190,629
)
Preferred stock
  
971,662
   
(637
)
  
971,025
 
Real Estate – OTTI
  
0
   
(54,901
)
  
(54,901
)
Common stock – OTTI
  
0
   
(3,515,700
)
  
(3,515,700
)
Total realized gains (losses)
 
$
8,277,840
  
$
(3,851,247
)
 
$
4,426,593
 
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 Consolidated Statements of Operations for the periods ended December 31:

  
2016
  
2015
 
       
Other than temporary impairments:
      
Common stock
 
$
0
  
$
3,515,700
 
Real estate
  
0
   
54,901
 
Notes receivable
  
465,754
   
0
 
Total other than temporary impairments
 
$
465,754
  
$
3,570,601