Note 4 - Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Notes Tables

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

	June 30, 2024
	Total		Level 1		Level 2		Level 3
	(unaudited)
Fixed maturities:
US Treasury securities	$	710,623	$	710,623	$	-	$	-
Corporate bonds		17,218,291		-		17,048,691		169,600
Municipal bonds		4,846,956		-		4,846,956		-
Redeemable preferred stock		3,113,899		-		3,113,899		-
Term loans		17,393,363		-		-		17,393,363
Mortgage backed and asset backed securities		32,988,518		-		32,654,768		333,750
Total fixed maturities		76,271,650		710,623		57,664,314		17,896,713
Equities:
Common stock		2,273,916		2,153,016		120,900		-
Preferred stock		1,484,182		-		1,484,182		-
Total equities		3,758,098		2,153,016		1,605,082		-
Other invested assets		2,628,726		-		-		2,628,726
Reinsurance contract allocated hedge		530,129		-		-		530,129
Limited partnership interests		415,721		-		-		415,721
Total	$	83,604,324	$	2,863,639	$	59,269,396	$	21,471,289

	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 Six Months Ended June 30, 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		-		-			(2,677,702	)		(5,805	)
Acquisition		-		-			2,878,025			80,868
Investment related gains (losses), net		-		(153,750	)		140,620			313,980
Fair value, end of period	$	169,600	$	333,750		$	17,393,363		$	2,628,726

			Mortgage						Other
For the Three Months Ended June 30, 2024	Corporate		Backed			Term			Invested
(unaudited)	Bonds		Securities			Loans			Assets
Fair value, beginning of period	$	169,600	$	487,500		$	16,661,299		$	2,234,249
Principal payment		-		-			(2,135,115	)		(365	)
Acquisition		-		-			2,725,741			54,548
Investment related gains (losses), net		-		(153,750	)		141,438			340,294
Fair value, end of period	$	169,600	$	333,750		$	17,393,363		$	2,628,726

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

	June 30, 2024
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(unaudited)
Financial Assets:
Cash and cash equivalents	$	7,237,753	$	7,237,753	$	7,237,753	$	-	$	-
Mortgage loans on real estate		21,566,157		21,566,157		-		-		21,566,157
Limited partnership interests		415,721		415,721		-		-		415,721
Investment income due and accrued		650,353		650,353		-		-		650,353
Reinsurance contract allocated hedge		530,129		530,129		-		-		530,129
Policy loans		27,666		27,666		-		-		27,666
Total Financial Assets (excluding available for sale investments)	$	30,427,779	$	30,427,779	$	7,237,753	$	-	$	23,190,026
Financial Liabilities:
Federal Home Loan Bank advance	$	1,000,000	$	1,000,000	$	-	$	-	$	1,000,000
Policyholder deposits in deposit-type contracts		78,505,821		64,857,350		-		-		64,857,350
Total Financial Liabilities	$	79,505,821	$	65,857,350	$	-	$	-	$	65,857,350

	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