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Investments (Tables)
 3 Months Ended
Mar. 31, 2023
Investments [Abstract]  
Available for Sale Securities
Investments in available for sale securities are summarized as follows:

March 31, 2023
  
Original or Amortized Cost
    
Gross Unrealized Gains
    
Gross Unrealized Losses
    
Fair Value
  
Investments available for sale:
                        
Fixed maturities
                        
U.S. Government and govt. agencies and authorities
  
$
18,316,435
    
$
9,960
    
$
(878,737
)
  
$
17,447,658
  
U.S. special revenue and assessments
    
7,533,538
      
0
      
(252,944
)
    
7,280,594
  
All other corporate bonds
    
91,462,911
      
122,423
      
(5,173,423
)
    
86,411,911
  
   
$
117,312,884
    
$
132,383
    
$
(6,305,104
)
  
$
111,140,163
  

December 31, 2022
  
Original or Amortized Cost
    
Gross Unrealized Gains
    
Gross Unrealized Losses
    
Fair Value
  
Investments available for sale:
                        
Fixed maturities
                        
U.S. Government and govt. agencies and authorities
  
$
18,315,321
    
$
0
    
$
(1,104,146
)
  
$
17,211,175
  
U.S. special revenue and assessments
    
7,535,018
      
0
      
(335,918
)
    
7,199,100
  
All other corporate bonds
    
91,429,481
      
65,529
      
(7,592,226
)
    
83,902,784
  
   
$
117,279,820
    
$
65,529
    
$
(9,032,290
)
  
$
108,313,059
  
Debt Securities by Contractual Maturity
The amortized cost and estimated market value of debt securities at March 31, 2023, 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
March 31, 2023
  
Amortized Cost
    
Fair Value
  
Due in one year or less
  
$
12,500,225
    
$
12,361,315
  
Due after one year through five years
    
42,509,179
      
41,076,248
  
Due after five years through ten years
    
13,246,696
      
12,922,869
  
Due after ten years
    
21,973,971
      
20,274,940
  
Fixed maturities with no single maturity date
    
27,082,813
      
24,504,791
  
Total
  
$
117,312,884
    
$
111,140,163
  
Fair Value of Investments with Sustained Gross Unrealized Losses
The fair value of investments with sustained gross unrealized losses are as follows:

March 31, 2023
  
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
  
$
2,931,390
      
(69,182
)
    
13,004,388
      
(809,555
)
    
15,935,778
    
$
(878,737
)
U.S. Special Revenue and Assessments
    
7,280,594
      
(252,944
)
    
0
      
0
      
7,280,594
      
(252,944
)
All other corporate bonds
    
54,985,073
      
(3,345,310
)
    
25,321,763
      
(1,828,113
)
    
80,306,836
      
(5,173,423
)
Total fixed maturities
  
$
65,197,057
      
(3,667,436
)
    
38,326,151
      
(2,637,668
)
    
103,523,208
    
$
(6,305,104
)



December 31, 2022
  
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
  
$
17,211,175
      
(1,104,146
)
    
0
      
0
      
17,211,175
    
$
(1,104,146
)
U.S. special revenue and assessments
    
7,199,100
      
(335,918
)
    
0
      
0
      
7,199,100
      
(335,918
)
All other corporate bonds
    
80,144,564
      
(7,592,226
)
    
0
      
0
      
80,144,564
      
(7,592,226
)
Total fixed maturities
  
$
104,554,839
      
(9,032,290
)
    
0
      
0
      
104,554,839
    
$
(9,032,290
)
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 March 31, 2023
                  
Fixed maturities
    
34
      
19
      
53
  
As of December 31, 2022
                        
Fixed maturities
    
57
      
0
      
57
  
Net Investment Gains (Losses) and Change in Net Unrealized Gains (Losses) on Investments
The following table presents net investment gains (losses) and the change in net unrealized gains on available-for-sale investments. 

  
Three Months Ended
  
   
March 31,
  
   
2023
    
2022
  
Realized gains:
            
Sales of fixed maturities
  
$
20,833
    
$
4,369
  
Sales of equity securities
    
85,184
      
385,358
  
Sales of real estate
    
586,774
      
4,458,442
  
Sales of short-term investments
    
23,509
      
0
  
Total realized gains
    
716,300
      
4,848,169
  
Realized losses:
                
Sales of equity securities
    
0
      
(68,020
)
Total realized losses
    
0
      
(68,020
)
Net realized investment gains (losses)
    
716,300
      
4,780,149
  
Change in fair value of equity securities:
                
Change in fair value of equity securities held at the end of the period
    
(8,645,474
)
    
8,154,629
  
Change in fair value of equity securities
    
(8,645,474
)
    
8,154,629
  
Net investment gains (losses)
  
$
(7,929,174
)
  
$
12,934,778
  
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income:
                
Fixed maturities
  
$
2,810,499
    
$
(9,184,559
)
Net increase (decrease)
  
$
2,810,499
    
$
(9,184,559
)
Trading Revenue Charged to Investment Income from Trading Securities
Trading revenue charged to net investment income from trading securities was:

  
Three Months Ended
  
   
March 31,
  
   
2023
    
2022
  
Net unrealized gains (losses)
  
$
0
    
$
(470
)
Net realized gains (losses)
    
0
      
(2,516
)
Net unrealized and realized gains (losses)
  
$
0
    
$
(2,986
)
Maximum and Minimum Lending Rates for Mortgage Loan
During 2023 and 2022, the maximum and minimum lending rates for mortgage loans were:

  
2023
    
2022
  
   
Maximum rate
    
Minimum rate
    
Maximum rate
    
Minimum rate
  
Farm Loans
    
5.00
%
    
4.50
%
    
5.00
%
    
4.50
%
Commercial Loans
    
7.00
%
    
4.00
%
    
7.00
%
    
4.00
%
Residential Loans
    
5.00
%
    
4.15
%
    
5.00
%
    
4.15
%
Summary of Mortgage Loans Outstanding and Related Allowance for Credit Losses
The following is a summary of the mortgage loans outstanding and the related allowance for credit losses:

  
March 31, 2023
    
December 31, 2022
  
Farm
  
$
378,652
    
$
383,278
  
Commercial
    
29,126,723
      
30,102,775
  
Residential
    
210,732
      
212,641
  
Total mortgage loans
    
29,716,107
      
30,698,694
  
Less allowance for credit losses
    
(375,000
)
    
0
  
Total mortgage loans, net
  
$
29,341,107
    
$
30,698,694
  
Notes Receivables
The following is a summary of the notes receivable outstanding and the related allowance for credit losses:

  
March 31, 2023
    
December 31, 2022
  
Notes receivable
  
$
15,835,605
    
$
14,424,127
  
Less allowance for credit losses
    
(170,000
)
    
0
  
Total notes receivable, net
  
$
15,665,605
    
$
14,424,127
  
Investment Real Estate by Type
The following table provides an allocation of the Company’s investment real estate by type:

  
March 31, 2023
    
December 31, 2022
  
Raw land
  
$
10,629,833
    
$
11,634,472
  
Commercial
    
5,919,337
      
5,124,847
  
Residential
    
3,777,470
      
3,402,502
  
Land, minerals and royalty interests
    
14,348,709
      
14,772,531
  
Total investment real estate
  
$
34,675,349
    
$
34,934,352