Note 4 - Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Notes Tables

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

	September 30, 2021
	Total		Level 1		Level 2		Level 3
	(unaudited)
Fixed maturities:
US Treasury securities	$	702,759	$	702,759	$	-	$	-
Corporate bonds		21,519,948		-		21,338,348		181,600
Municipal bonds		6,966,116		-		6,966,116		-
Redeemable preferred stock		3,124,639		-		3,124,639		-
Mortgage backed and asset backed securities		5,578,134		-		5,578,134		-
Total fixed maturities		37,891,596		702,759		37,007,237		181,600
Equities:
Common stock		7,254,692		7,161,792		92,900		-
Preferred stock		2,467,948		-		2,467,948		-
Total equities		9,722,640		7,161,792		2,560,848		-
Funds withheld embedded derivative		169,420		-		-		169,420
Total	$	47,783,656	$	7,864,551	$	39,568,085	$	351,020

	December 31, 2020
	Total		Level 1		Level 2		Level 3
Fixed maturities:
US Treasury securities	$	702,916	$	702,916	$	-	$	-
Corporate bonds		22,947,811		-		22,761,011		186,800
Municipal bonds		6,796,654		-		6,796,654		-
Redeemable preferred stock		2,990,215		-		2,990,215		-
Mortgage backed and asset backed securities		4,239,982		-		4,239,982		-
Total fixed maturities		37,677,578		702,916		36,787,862		186,800
Equities:
Common stock		6,808,944		6,717,144		91,800		-
Preferred stock		2,412,630		-		2,412,630		-
Total equities		9,221,574		6,717,144		2,504,430		-
Funds withheld embedded derivative		653,294		-		-		653,294
Total	$	47,552,446	$	7,420,060	$	39,292,292	$	840,094

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

For the Nine Months Ended September 30, 2021	Corporate			Funds
	Bonds			Withheld
Fair value, beginning of period	$	186,800		$	653,294
Principal payment		(5,200	)		-
Investment related losses		-			(483,874	)
Fair value, end of period	$	181,600		$	169,420

For the Three Months Ended September 30, 2021	Corporate			Funds
	Bonds			Withheld
Fair value, beginning of period	$	186,800		$	408,174
Principal payment		(5,200	)		-
Investment related losses		-			(238,754	)
Fair value, end of period	$	181,600		$	169,420

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

	September 30, 2021
	(unaudited)
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	7,678,829	$	7,678,829	$	7,678,829	$	-	$	-
Mortgage loans on real estate		3,775,432		3,775,432		-		-		3,775,432
Investment income due and accrued		632,825		632,825		-		-		632,825
Funds withheld		47,905,497		48,074,917		-		-		48,074,917
Policy loans		178,545		178,545		-		-		178,545
Total Financial Assets (excluding available for sale investments)	$	60,171,128	$	60,340,548	$	7,678,829	$	-	$	52,661,719
Financial Liabilities:
Federal Home Loan Bank advance	$	2,000,000	$	2,000,000	$	-	$	-	$	2,000,000
Policyholder deposits in deposit-type contracts		75,107,753		75,973,181		-		-		75,973,181
Total Financial Liabilities	$	77,107,753	$	77,973,181	$	-	$	-	$	77,973,181

	December 31, 2020
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	4,320,759	$	4,320,759	$	4,320,759	$	-	$	-
Mortgage loans on real estate		3,166,136		3,166,136		-		-		3,166,136
Investment income due and accrued		423,036		423,036		-		-		423,036
Funds withheld		46,176,782		46,830,076		-		-		46,830,076
Policy loans		163,725		163,725		-		-		163,725
Total Financial Assets (excluding available for sale investments)	$	54,250,438	$	54,903,732	$	4,320,759	$	-	$	50,582,973
Financial Liabilities:
Federal Home Loan Bank advance	$	2,000,000	$	2,000,000	$	-	$	-	$	2,000,000
Policyholder deposits in deposit-type contracts		72,082,207		74,351,806		-		-		74,351,806
Total Financial Liabilities	$	74,082,207	$	76,351,806	$	-	$	-	$	76,351,806