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Investments (Tables)
12 Months Ended
Dec. 31, 2020
Investments [Abstract]  
Available for Sale Securities
Investments in available for sale securities are summarized as follows for the years ended December 31:

2020
 
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
 
$
36,285,535
  
$
1,186,999
  
$
0
  
$
37,472,534
 
U.S. special revenue and assessments
  
11,556,980
   
1,382,164
   
0
   
12,939,144
 
All other corporate bonds
  
98,175,349
   
17,604,617
   
411,647

  
116,191,613
 
Total
 
$
146,017,864
  
$
20,173,780
  
$
411,647

 
$
166,603,291
 

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
   
0
   
15,203,363
 
All other corporate bonds
  
110,250,079
   
10,470,115
   
(422,927
)  
120,297,267
 
Total
 
$
160,382,782
  
$
11,705,047
  
$
(458,456
)
 
$
171,629,373
 

Debt Securities by Contractual Maturity
The amortized cost and estimated market value of debt securities at December 31, 2020, 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
December 31, 2020
 
Amortized
Cost
 
Estimated
Fair Value
Due in one year or less
 
$
20,502,132
 
$
20,830,029
Due after one year through five years
  
41,801,036
  
44,366,992
Due after five years through ten years
  
32,822,747
  
37,705,439
Due after ten years
  
24,149,660
  
29,454,200
Fixed maturities with no single maturity date
  
26,742,289
  
33,423,337
Total
 
$
146,017,864
 
$
165,779,997

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

2020
 
Less than 12 months
 
12 months or longer
 
Total
  
Fair value
 
Unrealized losses
 
Fair value
 
Unrealized losses
 
Fair value
 
Unrealized losses
All other corporate bonds
 
$
4,937
 
(63)
 
$
0
 
(411,584
)
$
4,937
 
(411,647)
Total fixed maturities
 
$
4,937
 
(63)
 
$
0
 
(411,584
)
$
4,937
 
(411,647)

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)
 
$
0
 
(422,927
 
)
$
6,059,380
 
(458,456)
Total fixed maturities
 
$
6,059,380
 
(35,529)
 
$
0
 
(422,927
)
$
6,059,380
 
(458,456)

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, 2020
     
Fixed maturities
1
 
1
 
2
As of December 31, 2019
     
Fixed maturities
3
 
1
 
4

Trading Revenue Charged to Investment Income from Trading Securities
The following table reflects trading securities revenue charged to net investment income for the periods ended December 31:

 
2020
  
2019
 
Net unrealized gains (losses)
 
$
(973
)
 
$
0
 
Net realized gains (losses)
  
3,894
   
(132,518
)
Net unrealized and realized gains (losses)
 
$
2,921
  
$
(132,518
)

Maximum and Minimum Lending Rates for Mortgage Loan
During 2020 and 2019, the maximum and minimum lending rates for mortgage loans were:

2020
 
2019
 
Maximum
rate
 
Minimum
rate
 
Maximum
rate
 
Minimum
rate
Farm loans
4.50 %
 
4.50 %
 
5.00 %
 
5.00 %
Commercial loans
5.25 %
 
4.24 %
 
7.50 %
 
4.82 %
Residential loans
4.95 %
 
4.95 %
 
5.50 %
 
5.50 %

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

 
2020
  
2019
 
In good standing
 
$
18,704,351
  
$
8,223,286
 
Overdue interest over 90 days
  
2,098,014
   
0
 
Total mortgage loans
 
$
20,802,365
  
$
8,223,286
 
Total foreclosed loans during the year
 
$
0
  
$
234,044
 

Investment Real Estate by Type
The following table provides an allocation of the Company's investment real estate by type for the periods ended December 31:

 
2020
  
2019
 
Raw land
 
$
11,727,103
  
$
16,089,540
 
Commercial
  
3,530,064
   
4,908,028
 
Residential
  
2,797,648
   
2,251,772
 
Land, minerals and royalty interests
  
20,031,576
   
21,094,896
 
Total investment real estate
 
$
38,086,391
  
$
44,344,236
 

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:

 
2020
  
2019
 
Fixed maturities
 
$
5,309,028
  
$
5,854,031
 
Equity securities
  
1,754,958
   
1,543,904
 
Trading securities
  
2,921
   
(132,518
)
Mortgage loans
  
709,604
   
479,841
 
Real estate
  
2,212,851
   
2,934,666
 
Notes receivable
  
1,233,148
   
1,848,314
 
Policy loans
  
599,897
   
607,537
 
Cash and cash equivalents
  
53,880
   
137,372
 
Short-term
  
167,599
   
38,545
 
Total consolidated investment income
  
12,043,886
   
13,311,692
 
Investment expenses
  
(2,514,938
)
  
(2,128,564
)
Consolidated net investment income
 
$
9,528,948
  
$
11,183,128
 

Net Realized Investment Gains and Losses
The following table presents net investment gains (losses) and the change in net unrealized gains on investments for the periods ended December 31:

 
2020
 
2019
Realized gains:
      
   Sales of fixed maturities
 
$
768,511
 
$
331,322
   Sales of equity securities
  
0
  
3,482,092
   Sales of real estate
  
4,347,705
  
3,929,195
   Total realized gains
  
5,116,216
  
7,742,609
Realized losses:
      
   Sales of fixed maturities
  
(64,992)
  
(142,252)
   Sales of equity securities
  
(405,525)
  
(2,309)
   Other-than-temporary impairments
  
0
  
(650,956)
   Total realized losses
  
(470,517)
  
(795,517)
      Net realized investment gains (losses)
  
4,645,699
  
6,947,092
Change in fair value of equity securities:
      
   Change in fair value of equity securities held at the end of the period
  
6,208,148
  
18,611,248
   Change in fair value of equity securities
  
6,208,148
  
18,611,248
      Net investment gains (losses)
 
$
10,853,847
 
$
25,558,340
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income:
      
   Fixed maturities
 
$
9,065,958
 
$
10,822,757
   Net increase (decrease)
 
$
9,065,958
 
$
10,822,757

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:

2020
 
2019
Other than temporary impairments:
     
Fixed maturities
$
0
 
$
650,956
Total other than temporary impairments
$
0
 
$
650,956