Investments (Tables)

12 Months Ended

Dec. 31, 2015

Investments Tables

Summary of investment income and net realized losses

A summary of net investment income and net realized losses is as follows:

	Year ended December 31
	2015			2014		2013
Fixed maturities	$	430,828		$	102,471	$	253,252
Short-term investments		48,536			59,267		79,745
Total investment income		479,364			161,738		332,997
Net realized losses		(7,251	)		—		—
Investment income and net realized losses	$	472,113		$	161,738	$	332,997

Investments by contractual maturity

The amortized cost and estimated fair value of fixed maturity investments at December 31, 2015, 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	$	18,119,689	$	18,115,190
Due after one year through five years		64,083,038		64,046,101
Total fixed maturities	$	82,202,727	$	82,161,291

Investments by amortized cost and estimated fiar value

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

		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2015
Available-for-sale:
Fixed maturities
Certificates of deposit	$	58,127,000	$	—	$	—		$	58,127,000
U.S. treasury securities		24,075,727		3,188		(44,624	)		24,034,291
Total fixed maturities	$	82,202,727	$	3,188	$	(44,624	)	$	82,161,291
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

Summary of unrealized appreciation (depreciation) 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
	2015			2014
Gross unrealized appreciation of fixed maturities	$	3,188		$	14,476
Gross unrealized (depreciation) of fixed maturities		(44,624	)		(9,031	)
Net unrealized appreciation (depreciation) on investments		(41,436	)		5,445
Deferred federal tax (expense) benefit		14,088			(1,851	)
Net unrealized appreciation (depreciation), net of deferred income taxes	$	(27,348	)	$	3,594

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
	2015		2014
U.S. treasury bills	$	9,987,804	$	69,968,988
U.S. treasury money market fund		3,357,841		1,450,451
Certificates of deposit		1,346,000		—
Bank money market accounts		947,395		838,207
Bank savings accounts		1,763		1,762
Total short-term investments	$	15,640,803	$	72,259,408