Investments (Tables)

12 Months Ended

Dec. 31, 2014

Investments Tables

Summary of investment income

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

	Year ended December 31
	2014		2013		2012
Fixed maturities	$	102,471	$	253,252	$	1,469,706
Short-term investments		59,267		79,745		59,269
Total investment income	$	161,738	$	332,997	$	1,528,975

Investments by contractual maturity

The amortized cost and estimated fair value of fixed maturity investments at December 31, 2014, 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	$	9,646,721	$	9,649,000
Due after one year through five years		25,506,390		25,509,556
Total fixed maturities	$	35,153,111	$	35,158,556

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, 2014
Available for sale:
Fixed maturities
Certificates of deposit	$	15,089,000		—		—		$	15,089,000
U.S. treasury securities		20,064,111	$	14,476	$	(9,031	)		20,069,556
Total fixed maturities	$	35,153,111	$	14,476	$	(9,031	)	$	35,158,556
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

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 is shown below:

	Year ended December 31
	2014			2013
Gross unrealized appreciation of fixed maturities	$	14,476			—
Gross unrealized (depreciation) of fixed maturities		(9,031	)	$	(8,757	)
Net unrealized appreciation (depreciation) on investments		5,445			(8,757	)
Deferred federal tax (expense) benefit		(1,851	)		2,977
Net unrealized appreciation (depreciation), net of deferred income axes	$	3,594		$	(5,780	)

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
	2014		2013
U.S. treasury bills	$	69,968,988	$	91,979,877
U.S. treasury money market fund		1,450,451		214,574
Bank money market accounts		838,207		1,611,104
Bank savings accounts		1,762		1,762
Total short-term investments	$	72,259,408	$	93,807,317