Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes [Abstract]

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

	December 31,
	2019		2018
Deferred tax assets:
Tax discounting of claim reserves	$	765,820	$	814,193
Unearned premium reserve		1,264,887		1,255,183
Deferred compensation		140,141		103,178
Provision for uncollectible accounts		21,000		10,500
Net unrealized depreciation of securities		—		420,259
Other		93,631		53,193
Deferred tax assets before allowance		2,285,479		2,656,506
Less valuation allowance		—		—
Total deferred tax assets	$	2,285,479	$	2,656,506
Deferred tax liabilities:
Transition adjustment for loss reserve discounting	$	226,176	$	292,176
Net unrealized appreciation of securities		959,204		—
Deferred policy acquisition costs		1,110,676		1,101,910
Property and equipment		25,093		237,581
Other		3,543		3,441
Total deferred tax liabilities		2,324,692		1,635,108
Net deferred tax (liability) asset	$	(39,213)	$	1,021,398

Schedule of Effective Income Tax Rate Reconciliation

	Years Ended December 31,
	2019		2018
Provision for income taxes at the statutory federal tax rates	$	1,067,128	$	209,870
Increase (reduction) in taxes resulting from:
Dividends received deduction		(22,542)		(35,802)
Tax-exempt interest income		(75,766)		(128,292)
15% proration of tax-exempt interest and dividends received deduction		24,034		40,522
Officer life insurance, net		(14,004)		4,429
Nondeductible expenses		57,980		44,505
Prior year true-ups and other		(249,615)		(29,145)
Total	$	787,215	$	106,087