Note 4 - Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

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

	December 31, 2022
	Total		Level 1		Level 2		Level 3
Fixed maturities:
US Treasury securities	$	1,025,087	$	1,025,087	$	-	$	-
Corporate bonds		15,869,078		-		15,687,478		181,600
Municipal bonds		5,420,409		-		5,420,409		-
Redeemable preferred stock		3,355,615		-		3,355,615		-
Term loans		18,149,718		-		-		18,149,718
Mortgage backed and asset backed securities		21,496,170		-		21,099,920		396,250
Total fixed maturities		65,316,077		1,025,087		45,563,422		18,727,568
Equities:
Common stock		6,024,224		5,929,624		94,600		-
Preferred stock		1,370,820		-		1,370,820		-
Total equities		7,395,044		5,929,624		1,465,420		-
Other invested assets		1,760,777		-		-		1,760,777
Reinsurance contract allocated hedge		724,998		-		-		724,998
Total	$	75,196,896	$	6,954,711	$	47,028,842	$	21,213,343

	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		447,765		37,313,292		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	$	7,674,349	$	39,243,901	$	726,368

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

			Mortgage
For the Year Ended December 31, 2022	Corporate		Backed			Term		Funds			Hedge
	Bonds		Securities			Loans		Withheld			Derivative
Fair value, beginning of period	$	181,600	$	-		$	-	$	544,768		$	-
Acquisition		-		423,965			18,086,124		-			1,045,027
Investment related gains (losses)		-		(27,715	)		63,594		(1,090,434	)		(320,029	)
Settlement		-		-			-		545,666			-
Fair value, end of period	$	181,600	$	396,250		$	18,149,718	$	-		$	724,998

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

	December 31, 2022
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	4,091,507	$	4,091,507	$	4,091,507	$	-	$	-
Mortgage loans on real estate		23,790,073		23,790,073		-		-		23,790,073
Investment income due and accrued		2,086,365		2,086,365		-		-		2,086,365
Reinsurance contract allocated hedge		724,998		724,998		-		-		724,998
Policy loans		34,980		34,980		-		-		34,980
Total Financial Assets (excluding available for sale investments)	$	30,727,923	$	30,727,923	$	4,091,507	$	-	$	26,636,416
Financial Liabilities:
Federal Home Loan Bank advance	$	1,000,000	$	1,000,000	$	-	$	-	$	1,000,000
Policyholder deposits in deposit-type contracts		79,035,350		67,741,524		-		-		67,741,524
Total Financial Liabilities	$	80,035,350	$	68,741,524	$	-	$	-	$	68,741,524

	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	$	60,954,541	$	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