Note 4 - Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

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

	September 30, 2024
	Total		Level 1		Level 2		Level 3
	(unaudited)
Fixed maturities:
US Treasury securities	$	742,712	$	742,712	$	-	$	-
Corporate bonds		17,914,873		-		17,745,273		169,600
Municipal bonds		4,738,839		-		4,738,839		-
Redeemable preferred stock		2,449,490		-		2,449,490		-
Term loans		16,582,752		-		-		16,582,752
Mortgage backed and asset backed securities		36,435,396		-		36,101,646		333,750
Total fixed maturities		78,864,062		742,712		61,035,248		17,086,102
Equities:
Common stock		2,351,171		2,230,271		120,900		-
Preferred stock		1,583,227		-		1,583,227		-
Total equities		3,934,398		2,230,271		1,704,127		-
Other invested assets		2,803,831		-		-		2,803,831
Reinsurance contract allocated hedge		151,249		-		-		151,249
Limited partnership interests		415,721		-		-		415,721
Total	$	86,169,261	$	2,972,983	$	62,739,375	$	20,456,903

	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 Nine Months Ended September 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		-		-			(3,793,088	)		(39,431	)
Acquisition		-		-			2,975,890			165,197
Investment related gains (losses), net		-		(153,750	)		347,530			438,382
Fair value, end of period	$	169,600	$	333,750		$	16,582,752		$	2,803,831

			Mortgage					Other
For the Three Months Ended September 30, 2024	Corporate		Backed		Term			Invested
(unaudited)	Bonds		Securities		Loans			Assets
Fair value, beginnig of period	$	169,600	$	333,750	$	17,393,363		$	2,628,726
Principal payment		-		-		(1,115,386	)		(33,626	)
Acquisition		-		-		97,865			84,329
Investment related gains (losses), net		-		-		206,910			124,402
Fair value, end of period	$	169,600	$	333,750	$	16,582,752		$	2,803,831

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

	September 30, 2024
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(unaudited)
Financial Assets:
Cash and cash equivalents	$	4,492,006	$	4,492,006	$	4,492,006	$	-	$	-
Mortgage loans on real estate		25,662,587		25,662,587		-		-		25,662,587
Limited partnership interests		415,721		415,721		-		-		415,721
Investment income due and accrued		995,105		995,105		-		-		995,105
Reinsurance contract allocated hedge		151,249		151,249		-		-		151,249
Policy loans		30,978		30,978		-		-		30,978
Total Financial Assets (excluding available for sale investments)	$	31,747,646	$	31,747,646	$	4,492,006	$	-	$	27,255,640
Financial Liabilities:
Federal Home Loan Bank advance	$	1,000,000	$	1,000,000	$	-	$	-	$	1,000,000
Policyholder deposits in deposit-type contracts		78,637,567		66,128,718		-		-		66,128,718
Total Financial Liabilities	$	79,637,567	$	67,128,718	$	-	$	-	$	67,128,718

	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