Investments (Tables)

12 Months Ended

Dec. 31, 2021

Investments [Abstract]

Available for Sale Securities

Investments in available for sale securities are summarized as follows for the years ended December 31:

2021	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	$	25,312,358	$	355,623	$	(17,078	)	$	25,650,903
U.S. special revenue and assessments		7,540,867		982,668		0			8,523,535
All other corporate bonds		95,096,738		11,692,705		0			106,789,443
Total	$	127,949,963	$	13,030,996	$	(17,078	)	$	140,963,881

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	)		115,368,319
Total	$	146,017,864	$	20,173,780	$	(411,647	)	$	165,779,997

Debt Securities by Contractual Maturity

The amortized cost and estimated market value of debt securities at December 31, 2021, 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, 2021	Amortized Cost		Estimated Fair Value
Due in one year or less	$	13,013,136	$	13,149,867
Due after one year through five years		45,292,927		47,621,088
Due after five years through ten years		20,642,013		23,253,284
Due after ten years		22,169,876		25,273,390
Fixed maturities with no single maturity date		26,832,011		31,666,252
Total	$	127,949,963	$	140,963,881

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:

2021	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	$	4,042,825	(17,078)	$	0	0	$	4,042,825	(17,078)
Total fixed maturities	$	4,042,825	(17,078)	$	0	0	$	4,042,825	(17,078)

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)

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, 2021
Fixed maturities	3	0	3
As of December 31, 2020
Fixed maturities	1	1	2

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:

	2021		2020
Net unrealized gains (losses)	$	2,059	$	(973	)
Net realized gains (losses)		20,509		3,894
Net unrealized and realized gains (losses)	$	22,568	$	2,921

Maximum and Minimum Lending Rates for Mortgage Loan

During 2021 and 2020, the maximum and minimum lending rates for mortgage loans were:

	2021		2020
	Maximum rate	Minimum rate	Maximum rate	Minimum rate
Farm loans	6.00 %	4.50 %	4.50 %	4.50 %
Commercial loans	5.50 %	4.10 %	5.25 %	4.24 %
Residential loans	5.00 %	4.15 %	4.95 %	4.95 %

Discounted Mortgage Holdings

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

	2021		2020
In good standing	$	27,102,789	$	18,704,351
Overdue interest over 90 days		2,080,773		2,098,014
Total mortgage loans	$	29,183,562	$	20,802,365
Total foreclosed loans during the year	$	0	$	0

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:

	2021		2020
Raw land	$	14,538,507	$	11,727,103
Commercial		4,347,423		3,530,064
Residential		3,813,936		2,797,648
Land, minerals and royalty interests		17,048,395		20,031,576
Total investment real estate	$	39,748,261	$	38,086,391

Schedule of Net Investment Income

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

	2021			2020
Fixed maturities	$	4,566,293		$	5,309,028
Equity securities		1,274,147			1,754,958
Trading securities		22,568			2,921
Mortgage loans		706,883			709,604
Real estate		3,241,689			2,212,851
Notes receivable		1,558,406			1,233,148
Policy loans		606,347			599,897
Cash and cash equivalents		2,567			53,880
Short-term		0			167,599
Total consolidated investment income		11,978,900			12,043,886
Investment expenses		(2,928,575	)		(2,514,938	)
Consolidated net investment income	$	9,050,325		$	9,528,948

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:

	2021		2020
Realized gains:
Sales of fixed maturities	$	55,867	$	768,511
Sales of equity securities		3,142,720		0
Sales of real estate		2,877,808		4,347,705
Total realized gains		6,076,395		5,116,216
Realized losses:
Sales of fixed maturities		0		(64,992)
Sales of equity securities		(54,742)		(405,525)
Other-than-temporary impairments		(393,455)		0
Total realized losses		(448,197)		(470,517)
Net realized investment gains		5,628,198		4,645,699
Change in fair value of equity securities:
Change in fair value of equity securities held at the end of the period		14,121,883		6,208,148
Change in fair value of equity securities		14,121,883		6,208,148
Net investment gains	$	19,750,081	$	10,853,847
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income:
Fixed maturities	$	(7,085,803)	$	9,065,958
Net increase (decrease)	$	(7,085,803)	$	9,065,958

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:

	2021		2020
Other than temporary impairments:
Fixed maturities	$	393,455	$	0
Total other than temporary impairments	$	393,455	$	0