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Investments (Tables)
 9 Months Ended
Sep. 30, 2017
Investments [Abstract]  
Available for Sale Securities
Investments in available for sale securities are summarized as follows:

September 30, 2017
 
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
 
$
7,678,557
  
$
47,605
  
$
(67,183
)
 
$
7,658,979
 
U.S. special revenue and assessments
  
9,010,920
   
755,683
   
-
   
9,766,603
 
All other corporate bonds
  
149,195,785
   
19,913,522
   
(411,677
)
  
168,697,630
 
   
165,885,262
   
20,716,810
   
(478,860
)
  
186,123,212
 
Equity securities
  
37,097,494
   
22,866,154
   
(385,620
)
  
59,578,028
 
Total
 
$
202,982,756
  
$
43,582,964
  
$
(864,480
)
 
$
245,701,240
 

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
 
Debt Securities by Contractual Maturity
The amortized cost and estimated market value of debt securities at September 30, 2017, 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
September 30, 2017
 
Amortized Cost
  
Estimated Fair Value
 
Due in one year or less
 
$
5,383,493
  
$
5,473,716
 
Due after one year through five years
  
29,857,885
   
41,316,685
 
Due after five years through ten years
  
44,110,567
   
48,479,332
 
Due after ten years
  
86,533,317
   
90,853,479
 
Total
 
$
165,885,262
  
$
186,123,212
 
Fair Value of Investments with Sustained Gross Unrealized Losses
The fair value of investments with sustained gross unrealized losses at September 30, 2017 and December 31, 2016 are as follows:

September 30, 2017
 
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
 
$
6,610,509
  
$
(67,183
)
 
$
-
  
$
-
  
$
6,610,509
  
$
(67,183
)
U.S. special revenue and assessments
  
-
   
-
   
-
   
-
   
-
   
-
 
All other corporate bonds
  
16,381,344
   
(234,288
)
  
5,357,880
   
(177,389
)
  
21,739,224
   
(411,677
)
Total fixed maturities
 
$
22,991,853
  
$
(301,471
)
 
$
5,357,880
   
(177,389
)
 
$
28,349,733
   
(478,860
)
                         
Equity securities
 
$
5,260,992
  
$
(385,620
)
 
$
-
  
$
-
  
$
5,260,992
  
$
(385,620
)

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
)
 
$
-
  
$
-
  
$
6,578,248
  
$
(96,981
)
U.S. special revenue and assessments
  
974,250
   
(14,043
)
  
-
   
-
   
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
)
 
$
-
  
$
-
  
$
4,703,033
  
$
(522,471
)
Securities in Continuous Unrealized Loss Position
Additional information regarding investments in an unrealized loss position is as follows:

  
Less than 12 months
  
12 months or longer
  
Total
 
As of September 30, 2017
         
Fixed maturities
  
11
   
3
   
14
 
Equity securities
  
4
   
-
   
4
 
As of December 31, 2016
            
Fixed maturities
  
25
   
3
   
28
 
Equity securities
  
3
   
-
   
3
 
Trading Revenue Charged to Investment Income from Trading Securities
Trading revenue charged to net investment income from trading securities was:

  
Three Months Ended
 
  
September 30,
 
  
2017
  
2016
 
Net unrealized gains (losses)
 
$
-
  
$
-
 
Net realized gains (losses)
  
-
   
-
 
Net unrealized and realized gains (losses)
 
$
-
  
$
-
 

  
Nine Months Ended
 
  
September 30,
 
  
2017
  
2016
 
Net unrealized gains (losses)
 
$
(111,531
)
 
$
-
 
Net realized gains (losses)
  
110,470
   
-
 
Net unrealized and realized gains (losses)
 
$
(1,061
)
 
$
-
 
Maximum and Minimum Lending Rates for Mortgage Loans
During 2017 and 2016, the maximum and minimum lending rates for mortgage loans were:

  
2017
  
2016
 
  
Maximum rate
  
Minimum rate
  
Maximum rate
  
Minimum rate
 
Farm Loans
  
5.00
%
  
5.00
%
  
5.00
%
  
5.00
%
Commercial Loans
  
8.50
%
  
3.94
%
  
8.00
%
  
4.00
%
Residential Loans
  
8.00
%
  
4.00
%
  
8.00
%
  
3.94
%
Loans Held in Discounted Mortgage Loan Portfolio
The following table summarizes the number of loans held in the discounted mortgage loan portfolio and the carrying value of the loans:

September 30, 2017
Payment Frequency
 
Number of Loans
  
Carrying Value
 
No payments received
  
8
  
$
-
 
One-time payment received
  
1
   
-
 
Irregular payments received
  
2
   
20,834
 
Periodic payments received
  
5
   
2,090,929
 
Total
  
16
  
$
2,111,763
 

December 31, 2016
Payment Frequency
 
Number of Loans
  
Carrying Value
 
No payments received
  
8
  
$
-
 
One-time payment received
  
1
   
-
 
Irregular payments received
  
2
   
20,834
 
Periodic payments received
  
5
   
2,168,062
 
Total
  
16
  
$
2,188,896
 
Mortgage Loans
The following table summarizes the mortgage loan holdings of the Company for the periods ended:

  
September 30, 2017
  
December 31, 2016
 
In good standing
 
$
16,059,494
  
$
16,388,477
 
Overdue interest over 90 days
  
20,834
   
20,834
 
Restructured
  
52,827
   
60,827
 
In process of foreclosure
  
2,038,102
   
2,107,234
 
Total mortgage loans
 
$
18,171,257
  
$
18,577,372
 
Total foreclosed loans during the year
 
$
-
  
$
735,000