Note 4 - Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

	December 31, 2019
	Total		Level 1		Level 2		Level 3
Available for sale:
Fixed maturities:
US Treasury securities	$	632,639	$	632,639	$	-	$	-
Corporate bonds		20,084,397		-		19,892,797		191,600
Municipal bonds		7,055,059		-		7,055,059		-
Redeemable preferred stock		2,133,893		-		2,133,893		-
Mortgage backed and asset backed securities		3,246,904		-		3,246,904		-
Total fixed maturities		33,152,892		632,639		32,328,653		191,600
Equities:
Common stock		9,214,694		9,169,694		45,000		-
Preferred stock		926,809		-		926,809		-
Total equities		10,141,503		9,169,694		971,809		-
Total	$	43,294,395	$	9,802,333	$	33,300,462	$	191,600

	December 31, 2018
	Total		Level 1		Level 2		Level 3
Available for sale:
Fixed maturities:
US Treasury securities	$	569,940	$	569,940	$	-	$	-
Corporate bonds		15,842,361		-		15,642,361		200,000
Municipal bonds		6,598,113		-		6,598,113		-
Redeemable preferred stock		192,404		-		192,404		-
Mortgage backed and asset backed securities		3,780,985		-		3,780,985		-
Total fixed maturities		26,983,803		569,940		26,213,863		200,000
Equities:
Common stock		10,735,935		10,735,935		-
Preferred stock		150,040		-		150,040
Total equities		10,885,975		10,735,935		150,040		-
Total	$	37,869,778	$	11,305,875	$	26,363,903	$	200,000

Fair Value, by Balance Sheet Grouping [Table Text Block]

	December 31, 2019
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	6,678,805	$	6,678,805	$	6,678,805	$	-	$	-
Investment income due and accrued		321,362		321,362		-		-		321,362
Policy loans		118,930		118,930		-		-		118,930
Total Financial Assets (excluding available for sale investments)	$	7,119,097	$	7,119,097	$	6,678,805	$	-	$	440,292
Financial Liabilities:
Policyholder deposits in deposit-type contracts	$	19,396,614	$	19,186,265	$	-		-	$	19,186,265
Federal Home Loan Bank advance		1,000,000		1,000,000		-		-		1,000,000
Total Financial Liabilities	$	20,396,614	$	20,186,265	$	-		-	$	20,186,265

	December 31, 2018
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	2,077,646	$	2,077,646	$	2,077,646	$	-	$	-
Investment income due and accrued		286,890		286,890		-				286,980
Policy loans		56,539		56,539		-		-		56,539
Total Financial Assets (excluding available for sale investments)	$	2,241,075	$	2,241,075	$	2,077,646	$	-	$	343,519
Financial Liabilities:
Policyholder deposits in deposit-type contracts	$	16,626,218	$	15,361,164	$	-	$	-	$	15,361,164
Total Financial Liabilities	$	16,626,218	$	15,361,164	$	-	$	-	$	15,361,164