Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Measurements [Abstract]

Assets and Liabilities Measured at Fair Value on a 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, 2017.

	Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	9,670,669	$	176,953,831	$	2,768,128	$	189,392,628
Equity Securities, available for sale		18,087,741		7,250,795		27,591,222		52,929,758
Total	$	27,758,410	$	184,204,626	$	30,359,350	$	242,322,386

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, 2016.

	Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	9,035,810	$	175,120,657	$	3,083,251	$	187,239,718
Equity Securities, available for sale		19,360,394		6,553,410		25,793,299		51,707,103
Trading Securities		2,500		-		-		2,500
Total	$	28,398,704	$	181,674,067	$	28,876,550	$	238,949,321
Liabilities
Trading Securities	$	1,439	$	-	$	-	$	1,439

Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis

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, 2016	$	3,083,251		$	25,793,299		$	28,876,550
Total unrealized gains (losses):
Included in realized gains (losses)		-			-			-
Included in other comprehensive income		702,310			(204,624	)		497,686
Purchases		-			2,114,307			2,114,307
Sales	$	(1,017,433	)	$	(111,760	)	$	(1,129,193	)
Balance at June 30, 2017		2,768,128			27,591,222			30,359,350

Carrying Values and Estimated Fair Values of Financial Instruments not Recorded at Fair Value

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, 2017				December 31, 2016
Assets	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Mortgage loans on real estate	$	18,378,499	$	18,378,499	$	18,577,372	$	18,577,372
Investment real estate		53,077,397		53,077,397		57,138,980		57,138,980
Notes receivable		18,618,464		18,618,464		16,876,485		16,876,485
Policy loans		9,764,728		9,764,728		10,070,134		10,070,134
Cash and cash equivalents		12,506,426		12,506,426		15,156,548		15,156,548