Investments (Tables)

12 Months Ended

Dec. 31, 2012

Investments Tables

Summary of investment income

A summary of net investment and related income is as follows:

	Year ended December 31
	2012		2011		2010
Fixed maturities	$	1,469,706	$	2,890,473	$	3,467,801
Short-term investments		59,269		8,152		25,129
Total investment income	$	1,528,975	$	2,898,625	$	3,492,930

Investments by contractual maturity

The amortized cost and estimated fair value of fixed maturity investments at December 31, 2012, by contractual maturity are as follows. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.

		Amortized Cost		Estimated Fair Value
Due in one year or less	$	30,894,211	$	31,078,002
Due after one year through five years		2,550,000		2,550,000
Total fixed maturities	$	33,444,211	$	33,628,002

Investments by amortized cost and estimated fiar value

The amortized cost and estimated fair values of investments in fixed maturities by categories are as follows:

		Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses		Estimated Fair Value
December 31, 2012
Available for sale:
Fixed maturities
Certificates of deposit	$	10,090,000		—	—	$	10,090,000
U.S. treasury securities		23,354,211	$	183,791	—		23,538,002
Total fixed maturities	$	33,444,211	$	183,791	—	$	33,628,002
December 31, 2011
Available for sale:
Fixed maturities
Certificates of deposit	$	16,470,000		—	—	$	16,470,000
U.S. treasury securities		73,432,677	$	1,453,947	—		74,886,624
Total fixed maturities	$	89,902,677	$	1,453,947	—	$	91,356,624

Summary of unrealized appreciation on investments

A summary of the unrealized appreciation (depreciation) on investments carried at fair value and the applicable deferred federal income taxes are shown below:

	Year ended December 31
	2012			2011
Gross unrealized appreciation of fixed maturities	$	183,791		$	1,453,947
Gross unrealized (depreciation) of fixed maturities		—			—
Net unrealized appreciation on investments		183,791			1,453,947
Deferred federal tax expense		(62,489	)		(494,343	)
Net unrealized appreciation, net of deferred income taxes	$	121,302		$	959,604

Summary of short term investments

Short-term investments have an initial maturity of one year or less and consist of the following:

	Year ended December 31
	2012		2011
U.S. treasury bills	$	78,776,954	$	30,288,668
U.S. treasury money market fund		3,494,729		6,802,126
Bank money market accounts		3,982,804		1,046,813
Bank savings accounts		1,762		1,862
Total short-term investments	$	86,256,249	$	38,139,469