Investments (Tables)

12 Months Ended

Dec. 31, 2013

Investments Tables

Summary of investment income

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

	Year ended December 31
	2013		2012		2011
Fixed maturities	$	253,252	$	1,469,706	$	2,890,473
Short-term investments		79,745		59,269		8,152
Total investment income	$	332,997	$	1,528,975	$	2,898,625

Investments by contractual maturity

The amortized cost and estimated fair value of fixed maturity investments at December 31, 2013, 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	$	1,950,000	$	1,950,000
Due after one year through five years		9,994,563		9,985,806
Total fixed maturities	$	11,944,563	$	11,935,806

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, 2013
Available for sale:
Fixed maturities
Certificates of deposit	$	6,849,000		—		—		$	6,849,000
U.S. treasury securities		5,095,563		—	$	(8,757	)		5,086,806
Total fixed maturities	$	11,944,563		—	$	(8,757	)	$	11,935,806
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

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
	2013			2012
Gross unrealized appreciation of fixed maturities		—		$	183,791
Gross unrealized (depreciation) of fixed maturities	$	(8,757	)		—
Net unrealized (depreciation) appreciation on investments		(8,757	)		183,791
Deferred federal tax benefit (expense)		2,977			(62,489	)
Net unrealized  (depreciation) appreciation, net of deferred income axes	$	(5,780	)	$	121,302

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
	2013		2012
U.S. treasury bills	$	91,979,877	$	78,776,954
U.S. treasury money market fund		214,574		3,494,729
Bank money market accounts		1,611,104		3,982,804
Bank savings accounts		1,762		1,762
Total short-term investments	$	93,807,317	$	86,256,249