Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Taxes [Abstract]

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

		December 31,
		2018		2017
Deferred tax assets:
Tax discounting of claim reserves		$	814,193	$	454,772
Unearned premium reserve			1,255,183		1,139,002
AMT credit carryforward			—		103,439
Deferred compensation			103,178		131,175
Provision for uncollectible accounts			10,500		10,500
Net unrealized depreciation of securities			420,259		—
Other			53,193		71,688
Deferred tax assets before allowance			2,656,506		1,910,576
Less valuation allowance			—		—
Total deferred tax assets		$	2,656,506	$	1,910,576
Deferred tax liabilities:
Transition adjustment for loss reserve discounting	$		292,176	$	—
Net unrealized appreciation of securities			—		592,005
Deferred policy acquisition costs			1,101,910		964,407
Property and equipment			237,581		1,267
Other			3,441		3,639
Total deferred tax liabilities			1,635,108		1,561,318
Net deferred tax asset		$	1,021,398	$	349,258

Schedule of Effective Income Tax Rate Reconciliation

	Years ended December 31,
	2018		2017
Provision for income taxes at the statutory federal tax rates	$	209,870	$	367,246
Increase (reduction) in taxes resulting from:
Dividends received deduction		(35,802)		(48,020)
Tax-exempt interest income		(128,292)		(219,550)
15% proration of tax exempt interest and dividends received deduction		40,522		38,203
Officer life insurance, net		4,429		(546)
Nondeductible expenses		44,505		70,329
Effect of change in tax rate		—		152,173
Prior year true-ups and other		(29,145)		12,450
Total	$	106,087	$	372,285