Note 4 - Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

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

	March 31, 2024
	Total		Level 1		Level 2		Level 3
	(unaudited)
Fixed maturities:
US Treasury securities	$	713,469	$	713,469	$	-	$	-
Corporate bonds		17,293,535		-		17,123,935		169,600
Municipal bonds		5,144,684		-		5,144,684		-
Redeemable preferred stock		3,424,071		-		3,424,071		-
Term loans		16,661,299		-		-		16,661,299
Mortgage backed and asset backed securities		31,672,985		-		31,185,485		487,500
Total fixed maturities		74,910,043		713,469		56,878,175		17,318,399
Equities:
Common stock		2,218,719		2,119,019		99,700		-
Preferred stock		1,524,101		-		1,524,101		-
Total equities		3,742,820		2,119,019		1,623,801		-
Other invested assets		2,234,249		-		-		2,234,249
Reinsurance contract allocated hedge		478,542		-		-		478,542
Limited partnership interests		401,778		-		-		401,778
Total	$	81,767,432	$	2,832,488	$	58,501,976	$	20,432,968

	December 31, 2023
	Total		Level 1		Level 2		Level 3
Fixed maturities:
US Treasury securities	$	724,668	$	724,668	$	-	$	-
Corporate bonds		17,813,362		-		17,643,762		169,600
Municipal bonds		5,636,093		-		5,636,093		-
Redeemable preferred stock		3,305,569		-		3,305,569		-
Term loans		17,052,420		-		-		17,052,420
Mortgage backed and asset backed securities		29,977,408		-		29,489,908		487,500
Total fixed maturities		74,509,520		724,668		56,075,332		17,709,520
Equities:
Common stock		2,116,356		2,017,756		98,600		-
Preferred stock		1,469,529		-		1,469,529		-
Total equities		3,585,885		2,017,756		1,568,129		-
Other invested assets		2,239,683		-		-		2,239,683
Reinsurance contract allocated hedge		673,681		-		-		673,681
Limited partnership interests		389,827		-		-		389,827
Total	$	81,398,596	$	2,742,424	$	57,643,461	$	21,012,711

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

			Mortgage					Other
For the Three Months Ended March 31, 2024	Corporate		Backed		Term			Invested
(unaudited)	Bonds		Securities		Loans			Assets
Fair value, beginning of period	$	169,600	$	487,500	$	17,052,420		$	2,239,683
Principal payment		-		-		(542,587	)		(5,440	)
Acquisition		-		-		152,284			26,320
Investment related gains (losses)		-		-		(818	)		(26,314	)
Fair value, end of period	$	169,600	$	487,500	$	16,661,299		$	2,234,249

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

	March 31, 2024
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(unaudited)
Financial Assets:
Cash and cash equivalents	$	11,143,670	$	11,143,670	$	11,143,670	$	-	$	-
Mortgage loans on real estate		18,605,882		18,605,882		-		-		18,605,882
Limited partnership interests		221,426		221,426		-		-		221,426
Investment income due and accrued		2,038,079		2,038,079		-		-		2,038,079
Reinsurance contract allocated hedge		478,542		478,542		-		-		478,542
Policy loans		26,755		26,755		-		-		26,755
Total Financial Assets (excluding available for sale investments)	$	32,514,354	$	32,514,354	$	11,143,670	$	-	$	21,370,684
Financial Liabilities:
Federal Home Loan Bank advance	$	1,000,000	$	1,000,000	$	-	$	-	$	1,000,000
Policyholder deposits in deposit-type contracts		77,613,289		72,811,673		-		-		72,811,673
Total Financial Liabilities	$	78,613,289	$	73,811,673	$	-	$	-	$	73,811,673

	December 31, 2023
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	8,982,138	$	8,982,138	$	8,982,138	$	-	$	-
Mortgage loans on real estate		19,617,253		19,617,253		-		-		19,617,253
Limited partnership interests		221,426		221,426		-		-		221,426
Investment income due and accrued		1,878,620		1,878,620		-		-		1,878,620
Reinsurance contract allocated hedge		673,681		673,681		-		-		673,681
Policy loans		26,132		26,132		-		-		26,132
Total Financial Assets (excluding available for sale investments)	$	31,399,250	$	31,399,250	$	8,982,138	$	-	$	22,417,112
Financial Liabilities:
Federal Home Loan Bank advance	$	1,000,000	$	1,000,000	$	-	$	-	$	1,000,000
Policyholder deposits in deposit-type contracts		78,063,888		67,401,118		-		-		67,401,118
Total Financial Liabilities	$	79,063,888	$	68,401,118	$	-	$	-	$	68,401,118