Note 5 - Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

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

	December 31, 2021
	Total		Level 1		Level 2		Level 3
Fixed maturities:
US Treasury securities	$	447,765	$	-	$	447,765	$	-
Corporate bonds		21,321,279		-		21,139,679		181,600
Municipal bonds		6,963,358		-		6,963,358		-
Redeemable preferred stock		3,621,526		-		3,621,526		-
Mortgage backed and asset backed securities		5,588,729		-		5,588,729		-
Total fixed maturities		37,942,657		-		37,761,057		181,600
Equities:
Common stock		7,319,584		7,226,584		93,000		-
Preferred stock		1,837,609		-		1,837,609		-
Total equities		9,157,193		7,226,584		1,930,609		-
Funds withheld embedded derivative		544,768		-		-		544,768
Total	$	47,644,618	$	7,226,584	$	39,691,666	$	726,368

	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 Years Ended December 31, 2021	Corporate			Funds
	Bonds			Withheld
Fair value, beginning of period	$	186,800		$	653,294
Principal payment		(5,200	)		-
Investment related losses		-			(108,526	)
Fair value, end of period	$	181,600		$	544,768

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

	December 31, 2021
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	7,955,348	$	7,955,348	$	7,955,348	$	-	$	-
Mortgage loans on real estate		3,653,142		3,653,142		-		-		3,653,142
Investment income due and accrued		698,504		698,504		-		-		698,504
Funds withheld		48,474,206		48,474,206		-		-		48,474,206
Policy loans		173,341		173,341		-		-		173,341
Total Financial Assets (excluding available for sale investments)	$	60,954,541	$	60,954,438	$	7,955,348	$	-	$	52,999,193
Financial Liabilities:
Federal Home Loan Bank advance	$	2,000,000	$	2,000,000	$	-	$	-	$	2,000,000
Policyholder deposits in deposit-type contracts		75,567,873		78,359,733		-		-		78,359,733
Total Financial Liabilities	$	77,567,873	$	80,359,733	$	-	$	-	$	80,359,733

	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		46,176,782		-		-		46,176,782
Policy loans		163,725		163,725		-		-		163,725
Total Financial Assets (excluding available for sale investments)	$	54,250,438	$	54,250,438	$	4,320,759	$	-	$	49,929,679
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