Note 4 - Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Notes Tables

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

	June 30, 2020
	Total			Level 1		Level 2		Level 3
	(unaudited)
Fixed maturities:
US Treasury securities	$	674,765		$	674,765	$	-	$	-
Corporate bonds		21,874,674			-		21,683,074		191,600
Municipal bonds		6,832,005			-		6,832,005		-
Redeemable preferred stock		3,058,293			-		3,058,293		-
Mortgage backed and asset backed securities		3,712,784			-		3,712,784		-
Total fixed maturities		36,152,521			674,765		35,286,156		191,600
Equities:
Common stock		7,162,008			7,071,608		90,400		-
Preferred stock		1,979,492			-		1,979,492		-
Total equities		9,141,500			7,071,608		2,069,892		-
Funds withheld embedded derivative		(637,033	)		-		-		(637,033	)
Total	$	44,656,988		$	7,746,373	$	37,356,048	$	(445,433	)

	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

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

For the Six Months Ended June 30, 2020	Corporate		Funds
	Bonds		Withheld
Fair value, beginnig of period	$	191,600	$	-
Investment related gains (losses), net		-		(637,033	)
Fair value, end of period	$	191,600	$	(637,033	)

For the Three Months Ended June 30, 2020	Corporate		Funds
	Bonds		Withheld
Fair value, beginnig of period	$	191,600	$	-
Investment related gains (losses), net		-		(637,033	)
Fair value, end of period	$	191,600	$	(637,033	)

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

	June 30, 2020
	(unaudited)
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	7,376,813	$	7,376,813	$	7,376,813	$	-	$	-
Investment income due and accrued		370,326		370,326		-		370,326		-
Funds withheld		41,931,524		41,294,491		-		-		41,294,491
Policy loans		154,088		154,088		-		-		154,088
Total Financial Assets (excluding available for sale investments)	$	49,832,751	$	49,195,718	$	7,376,813	$	370,326	$	41,448,579
Financial Liabilities:
Federal Home Loan Bank advance	$	2,000,000	$	2,000,000	$	-	$	-	$	2,000,000
Policyholder deposits in deposit-type contracts		70,647,008		73,033,465		-		-		73,033,465
Total Financial Liabilities	$	72,647,008	$	75,033,465	$	-	$	-	$	75,033,465

	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	$	321,362	$	118,930
Financial Liabilities:
Federal Home Loan Bank advance	$	1,000,000	$	1,000,000	$	-	$	-	$	1,000,000
Policyholder deposits in deposit-type contracts		19,396,614		19,186,265		-		-		19,186,265
Total Financial Liabilities	$	20,396,614	$	20,186,265	$	-	$	-	$	20,186,265