Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes [Abstract]

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

	December 31,
	2020		2019
Deferred tax assets:
Tax discounting of claim reserves	$	834,092	$	765,820
Unearned premium reserve		1,236,617		1,264,887
Deferred compensation		152,646		140,141
Provision for uncollectible accounts		31,500		21,000
Net unrealized depreciation of securities		—		—
Other		(31,340)		93,631
Deferred tax assets before allowance		2,223,515		2,285,479
Less valuation allowance		—		—
Total deferred tax assets	$	2,223,515	$	2,285,479
Deferred tax liabilities:
Transition Adjustment for Loss Reserve Discounting	$	188,480	$	226,176
Net unrealized appreciation of securities		2,099,499		959,204
Deferred policy acquisition costs		1,140,220		1,110,676
Property and equipment		22,963		25,093
Other		3,624		3,543
Total deferred tax liabilities		3,454,786		2,324,692
Net deferred tax liability	$	(1,231,271)	$	(39,213)

Schedule of Effective Income Tax Rate Reconciliation

	For the Year Ended December 31,
	2020		2019
Provision for income taxes at the statutory federal tax rates	$	961,455	$	1,067,128
Increase (reduction) in taxes resulting from:
Paycheck Protection Program loan forgiveness		(344,673)		—
Dividends received deduction		(29,474)		(22,542)
Tax-exempt interest income		(61,956)		(75,766)
Proration of tax-exempt interest and dividends received deduction		22,199		24,034
Officer life insurance, net		5,784		(14,004)
Nondeductible expenses		41,418		57,980
Prior year true-up and other		452,240		(249,615)
Total	$	1,046,993	$	787,215