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Investments (Tables)
12 Months Ended
Dec. 31, 2019
Investments [Abstract]  
Available for Sale Securities
The following tables provide a summary of fixed maturities available for sale by original or amortized cost and estimated fair value:

December 31, 2019
 
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
 
$
35,761,440
 
$
402,832
 
$
(35,529)
 
$
36,128,743
U.S. special revenue and assessments
  
14,371,263
  
832,100
  
-
  
15,203,363
All other corporate bonds
  
109,827,152
  
10,470,115
  
-
  
120,297,267
Total
 
$
159,959,855
 
$
11,705,047
 
$
(35,529)
 
$
171,629,373

December 31, 2018
 
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
 
$
25,649,410
 
$
149,006
 
$
(138,222)
 
$
25,660,194
U.S. special revenue and assessments
  
16,350,486
  
334,300
  
(4,406)
  
16,680,380
All other corporate bonds
  
118,895,973
  
2,569,287
  
(2,845,050)
  
118,620,210
Total
  $
160,895,869
  $
3,052,593
  $
(2,987,678)
  $
160,960,784

Debt Securities by Contractual Maturity
The following table provides a summary of fixed maturities by contractual maturity as of December 31, 2019. Actual maturities could differ from contractual maturities due to call or prepayment provisions:

Fixed Maturities Available for Sale
December 31, 2019
 
Amortized
Cost
 
Estimated
Fair Value
     
Due in one year or less
 
$
11,286,769
 
$
11,461,374
Due after one year through five years
  
50,028,712
  
51,609,109
Due after five years through ten years
  
50,866,597
  
56,224,286
Due after ten years
  
47,777,777
  
52,334,604
Total
 
$
159,959,855
 
$
171,629,373

Fair Value of Investments with Sustained Gross Unrealized Losses
The fair value of investments with sustained gross unrealized losses at December 31, 2019 and 2018 are as follows:

December 31, 2019
 
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
 
$
6,059,380
 
(35,529)
 
$
-
 
-
 
$
6,059,380
 
(35,529)
Total fixed maturities
 
$
6,059,380
 
(35,529)
 
$
-
 
-
 
$
6,059,380
 
(35,529)

December 31, 2018
 
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
 
$
6,429,700
 
(49,904)
 
$
1,592,679
 
(88,318)
 
$
8,022,379
 
(138,222)
U.S. special revenue and assessments
  
4,023,920
 
(4,406)
  
-
 
-
  
4,023,920
 
(4,406)
All other corporate bonds
  
49,270,729
 
(2,033,507)
  
15,337,739
 
(811,543)
  
64,608,468
 
(2,845,050)
Total fixed maturities
 
$
59,724,349
 
(2,087,817)
 
$
16,930,418
 
(899,861)
 
$
76,654,767
 
(2,987,678)

Securities in 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, 2019
     
Fixed maturities
3
 
-
 
3
As of December 31, 2018
     
Fixed maturities
30
 
10
 
40

Trading Revenue Charged to Investment Income from Trading Securities
Trading Securities

Securities designated as trading securities are reported at fair value, with gains or losses resulting from changes in fair value recognized in net investment income on the Consolidated Statements of Operations.  Trading Securities included exchange-traded equities and exchange-traded options.  Trading securities carried as liabilities were securities sold short.  A gain, limited to the price at which the security was sold short, or a loss, potentially unlimited in size, was recognized upon the termination of the short sale.  Earnings from trading securities were classified in cash flows from operating activities. The Company did not hold any trading securities at December 31, 2019 or 2018.

The following table reflects trading securities revenue charged to net investment income for the periods ended December 31:

 
2019
 
2018
    
Net unrealized gains (losses)
$
-
 
$
-
Net realized gains (losses)
 
(132,518)
  
-
Net unrealized and realized gains (losses)
$
(132,518)
 
$
-

Maximum and Minimum Lending Rates for Mortgage Loan
During 2019 and 2018, the maximum and minimum lending rates for mortgage loans were:

2019
 
2018
 
Maximum
rate
 
Minimum
rate
 
Maximum
rate
 
Minimum
rate
        
Farm loans
5.00 %
 
5.00 %
 
5.00 %
 
5.00 %
Commercial loans
7.50 %
 
4.82 %
 
7.50 %
 
4.00 %
Residential loans
5.50 %
 
5.50 %
 
8.00 %
 
8.00 %

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

 
2019
 
2018
    
In good standing
$
8,223,286
 
$
7,169,272
Overdue interest over 90 days
 
-
  
1,899,839
Total mortgage loans
$
8,223,286
 
$
9,069,111
Total foreclosed loans during the year
$
234,044
 
$
-

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:

 
2019
 
2018
    
Fixed maturities
$
5,854,031
 
$
7,273,157
Equity securities
 
1,543,904
  
1,628,649
Mortgage loans
 
479,841
  
1,234,115
Real estate
 
2,934,666
  
2,771,348
Notes receivable
 
1,848,314
  
979,742
Policy loans
 
607,537
  
646,993
Cash and cash equivalents
 
175,917
  
355,276
Short-term
 
-
  
18,159
Total consolidated investment income
 
13,444,210
  
14,907,439
Investment expenses
 
(2,128,564)
  
(3,704,771)
Consolidated net investment income
$
11,315,646
 
$
11,202,668

Net Realized Investment Gains and Losses
The following table presents the Company’s net realized investments gains (losses) and the change in net unrealized gains on available-for-sale investments for the periods ended December 31:

  
2019
 
2018
     
Realized gains on available-for-sale investments:
      
   Sales of fixed maturities
 
$
331,322
 
$
11,708,320
   Sales of equity securities
  
9,560,716
  
-
   Sales of real estate
  
3,929,195
  
1,588,122
   Other
  
-
  
-
   Total realized gains
  
13,821,233
  
13,296,442
Realized losses on available-for-sale investments:
      
   Sales of fixed maturities
  
(142,252)
  
(956,365)
   Sales of equity securities
  
-
  
-
   Sales of real estate
  
-
  
-
   Other-than-temporary impairments
  
(650,956)
  
(300,000)
   Other
  
(132,518)
  
-
   Total realized losses
  
(925,726)
  
(1,256,365)
      Net realized investment gains (losses)
  
12,895,507
  
12,040,077
Change in fair value of equity securities:
      
   Change in fair value of equity securities held at the end of the period
  
12,530,315
  
10,416,758
   Change in fair value of equity securities
  
12,530,315
  
10,416,758
      Net investment gains (losses)
 
$
25,425,822
 
$
22,456,835
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income:
      
   Fixed maturities
 
$
10,822,757
 
$
(7,744,899)
   Net increase (decrease)
 
$
10,822,757
 
$
(7,744,899)

Other than Temporary Impairment
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:

 
2019
 
2018
    
Other than temporary impairments:
     
Fixed maturities
$
650,956
 
$
-
   Real estate
 
-
  
300,000
Total other than temporary impairments
$
650,956
 
$
300,000