Note 4 - Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

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

	March 31, 2022
	Total		Level 1		Level 2		Level 3
	(unaudited)
Fixed maturities:
US Treasury securities	$	421,509	$	-	$	421,509	$	-
Corporate bonds		19,330,678		-		19,149,078		181,600
Municipal bonds		6,312,911		-		6,312,911		-
Redeemable preferred stock		3,912,946		-		3,912,946		-
Mortgage backed and asset backed securities		5,404,195		-		5,404,195		-
Total fixed maturities		35,382,239		-		35,200,639		181,600
Equities:
Common stock		7,164,863		7,071,763		93,100		-
Preferred stock		1,629,038		-		1,629,038		-
Total equities		8,793,901		7,071,763		1,722,138		-
Funds withheld embedded derivative		262,551		-		-		262,551
Total	$	44,438,691	$	7,071,763	$	36,922,777	$	444,151

	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

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

For the Three Months Ended March 31, 2022	Corporate		Funds
	Bonds		Withheld
Fair value, beginning of period	$	181,600	$	544,768
Investment related losses		-		(282,217	)
Fair value, end of period	$	181,600	$	262,551

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

	March 31, 2022
	(unaudited)
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	9,426,154	$	9,426,154	$	9,426,154	$	-	$	-
Mortgage loans on real estate		3,226,212		3,226,212		-		-		3,226,212
Investment income due and accrued		513,894		513,894		-		-		513,894
Funds withheld		49,010,741		49,273,292		-		-		49,273,292
Policy loans		213,970		213,970		-		-		213,970
Total Financial Assets (excluding available for sale investments)	$	62,390,971	$	62,653,522	$	9,426,154	$	-	$	53,227,368
Financial Liabilities:
Federal Home Loan Bank advance	$	2,000,000	$	2,000,000	$	-	$	-	$	2,000,000
Policyholder deposits in deposit-type contracts		76,552,926		73,006,033		-		-		73,006,033
Total Financial Liabilities	$	78,552,926	$	75,006,033	$	-	$	-	$	75,006,033

	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		49,018,974		-		-		49,018,974
Policy loans		173,341		173,341		-		-		173,341
Total Financial Assets (excluding available for sale investments)	$	60,954,541	$	61,499,309	$	7,955,348	$	-	$	53,543,961
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