Investments	12 Months Ended
Dec. 31, 2021
Investments [Abstract]
Investments	2. INVESTMENTS NET INVESTMENT INCOME A summary of net investment income for the years ended December 31, 2021 and 2020 is as follows: 2021 2020AFS, fixed maturity securities $ 3,086,226 $ 2,975,341Investment property 802,071 770,981Equity securities 493,529 556,920Cash and short-term investments 2,582 34,460Investment revenue 4,384,408 4,337,702Less investment expenses (970,000) (840,000)Net investment income $ 3,414,408 $ 3,497,702 INVESTMENT RELATED GAINS (LOSSES) The following is a summary of the proceeds from sales, maturities, and calls of fixed maturity and equity securities and the related gross realized gains and losses for the years ended December 31, 2021 and 2020. Net Realized Proceeds Gains Losses Gains (Losses)2021 Fixed maturity securities $ 18,590,418 $ 247,913 $ (9,582) $ 238,332Common stocks 3,023,990 836,477 (129,972) 706,504Preferred stocks 340,523 37,711 — 37,7112020 Fixed maturity securities $ 17,174,787 $ 574,697 $ (926) $ 573,771Common stocks 5,224,984 618,946 (1,435,514) (816,568)Preferred stocks 297,609 8,886 (11,412) (2,526) The amortized cost and estimated fair value of fixed income securities at December 31, 2021, are shown as follows: Amortized Cost Fair ValueDue in one year or less $ 2,103,740 $ 2,138,613Due after one year through five years 17,161,140 17,834,244Due after five years through 10 years 14,901,963 15,661,583Due after 10 years 27,050,300 28,950,347Asset and mortgage backed securities without a specific due date 40,712,275 41,023,871Redeemable preferred stocks 215,805 232,885Total fixed maturity securities $ 102,145,223 $ 105,841,543 Expected maturities may differ from contractual maturities due to call provisions on some existing securities. The following table is a schedule of amortized cost and estimated fair values of investments in securities classified as available for sale at December 31, 2021 and 2020. Gross Unrealized Amortized Cost Fair Value Gains Losses2021 Fixed maturity securities: U.S. Treasury $ 1,352,044 $ 1,345,992 $ 11,276 $ (17,328)MBS/ABS/CMBS 40,712,275 41,023,871 607,483 (295,887)Corporate 38,959,905 41,206,964 2,434,738 (187,679)Municipal 20,905,194 22,031,831 1,149,998 (23,361)Redeemable preferred stock 215,805 232,885 17,080 —Total fixed maturity securities $ 102,145,223 $ 105,841,543 $ 4,220,575 $ (524,255) Gross Unrealized Amortized Cost Fair Value Gains Losses2020 Fixed maturity securities: U.S. Treasury $ 1,352,758 $ 1,385,406 $ 33,336 $ (688)MBS/ABS/CMBS 40,509,172 41,743,304 1,367,411 (133,279)Corporate 39,186,671 43,580,743 4,429,000 (34,928)Municipal 17,488,621 18,788,674 1,316,358 (16,305)Redeemable preferred stock 215,805 242,439 26,634 —Total fixed maturity securities $ 98,753,027 $ 105,740,566 $ 7,172,739 $ (185,200) MORTGAGE-BACKED, COMMERCIAL MORTGAGE-BACKED AND ASSET-BACKED SECURITIES All of the Company’s collateralized securities carry an average credit rating of AA+ by one or more major rating agency and continue to pay according to contractual terms. Included within MBS/ABS/CMBS are residential mortgage backed securities with fair values of $14,975,101 and $16,220,343 and commercial mortgage backed securities of $11,697,671 and $12,721,455 at December 31, 2021 and 2020, respectively. UNREALIZED LOSSES ON AFS SECURITIES The following table is also used as part of the impairment analysis and displays the total value of securities that were in an unrealized loss position as of December 31, 2021 and 2020. The table segregates the securities based on type, noting the fair value, amortized cost, and unrealized loss on each category of investment as well as in total. The table further classifies the securities based on the length of time they have been in an unrealized loss position. December 31, 2021 December 31, 2020 12 Months 12 Months < 12 Months & Greater Total < 12 Months & Greater TotalFixed Maturity Securities: U.S. Treasury Fair value $ 391,250 $ 291,891 $ 683,141 $ 299,391 $ — $ 299,391 Amortized cost 400,408 300,061 700,469 300,078 — 300,078 Unrealized loss (9,158) (8,170) (17,328) (688) — (688)MBS/ABS/CMBS Fair value 20,403,757 1,124,095 21,527,852 7,120,339 2,010,434 9,130,773 Amortized cost 20,647,568 1,176,171 21,823,739 7,236,360 2,027,692 9,264,052 Unrealized loss (243,811) (52,076) (295,887) (116,021) (17,258) (133,279)Corporate Fair value 6,428,166 995,235 7,423,401 1,739,691 — 1,739,691 Amortized cost 6,590,227 1,020,853 7,611,080 1,774,619 — 1,774,619 Unrealized loss (162,061) (25,618) (187,679) (34,928) — (34,928)Municipal Fair value 2,676,052 269,247 2,945,299 756,678 — 756,678 Amortized cost 2,695,269 273,391 2,968,660 772,984 — 772,984 Unrealized loss (19,217) (4,144) (23,361) (16,306) — (16,306)Total Fair value 29,899,225 2,680,468 32,579,693 9,916,099 2,010,434 11,926,533 Amortized cost 30,333,472 2,770,476 33,103,948 10,084,041 2,027,692 12,111,733 Unrealized loss $ (434,247) $ (90,008) $ (524,255) $ (167,942) $ (17,258) $ (185,200) The fixed income portfolio contained 55 securities in an unrealized loss position as of December 31, 2021. Of these 55 securities, 5 have been in an unrealized loss position for 12 consecutive months or longer and represent $90,008 in unrealized losses. All fixed income securities in the investment portfolio continue to pay the expected coupon payments under the contractual terms of the securities. Credit-related impairments on fixed income securities that we do not plan to sell, and for which we are not more likely than not to be required to sell, are recognized in net earnings. Any non-credit related impairment is recognized in comprehensive earnings. Based on management’s analysis, the fixed income portfolio is of a high credit quality and it is believed it will recover the amortized cost basis of the fixed income securities. Management monitors the credit quality of the fixed income investments to assess if it is probable that the Company will receive its contractual or estimated cash flows in the form of principal and interest. There were no other-than-temporary impairment losses recognized in net earnings during the year ended December 31, 2021 and 2020. For all fixed income securities at a loss at December 31, 2021, management believes it is probable that the Company will receive all contractual payments in the form of principal and interest. In addition, the Company is not required to, nor does it intend to sell these investments prior to recovering the entire amortized cost basis for each security, which may be maturity. The fixed income securities in an unrealized loss position were not other-than-temporarily impaired at December 31, 2021 and December 31, 2020. As required by law, certain fixed maturity investments amounting to $3,823,752 and $3,916,710 at December 31, 2021 and 2020, respectively, were on deposit with either regulatory authorities or banks. UNREALIZED GAINS AND LOSSES ON EQUITY SECURITIES Net unrealized gains for the twelve months ended December 31, 2021 and 2020 for equity securities held as of December 31, 2021 and December 31, 2020 were $2,801,991 and $2,167,417, respectively. OTHER INVESTED ASSETSOther invested assets as of December 31, 2021 and December 31, 2020 were $3,086,568 and $1,772,867, respectively. Other invested assets include membership in the Federal Home Loan Bank of Chicago (FHLBC), which occurred in February 2018. As of December 31, 2021 and 2020, our investment in FHLBC stock was carried at cost of $300,000 and $200,000, respectively. Due to the nature of our membership in the FHLBC, the carrying amount approximates fair value. In addition, other invested assets as of December 31, 2021, include privately held investments of $1,720,502 and notes receivable of $1,066,066, compared to $204,000 and $1,369,067, respectively, at December 31, 2020. The notes bear interest between 3.9% and 6.5%. As of December 31, 2021, $315,076 in note payments were received and $12,075 in accrued escrow and interest receivable was recorded. Comparatively, as of December 31, 2020, no note payments were received and no accrued escrow and interest receivable were recorded. The Company had no allowance recorded related to uncollectible note receivables at December 31, 2021 and 2020. During the fourth quarter of 2021, we agreed to commit up to $10.0 million to a private investment fund, subject to regulatory approval, which may be callable from time to time by such fund. As of December 31, 2021, no calls were received. PROPERTY HELD FOR INVESTMENT As of December 31, 2021, investment property comprised of one storage facility in Davenport, Iowa and 52 rental units consisting of duplexes, condos, senior living units, and a seven-plex property. These rentals are located in Colona, Illinois; East Moline, Illinois; Kissimmee, Florida; Milan, Illinois; Moline, Illinois; Rock Island, Illinois; Silvis, Illinois; and Le Claire, Iowa. In addition, we own and operate twelve single-family homes located in Colona, Illinois; East Moline, Illinois; Rock Island, Illinois; and Silvis, Illinois. As of December 31, 2020, investment property comprised of one storage facility in Davenport, Iowa and 65 apartment rental units located in Milan, Illinois; Moline, Illinois; Rock Island, Illinois; Silvis, Illinois; and Le Claire, Iowa. Property held for investment is net of accumulated depreciation of $464,713 and $465,364 as of December 31, 2021, and 2020, respectively. Related depreciation expense was $145,237 and $144,545 for the years ended December 31, 2021, and 2020, respectively.

Investments

12 Months Ended

Dec. 31, 2021

2. INVESTMENTS NET INVESTMENT INCOME A summary of net investment income for the years ended December 31, 2021 and 2020 is as follows: 2021 2020AFS, fixed maturity securities $ 3,086,226 $ 2,975,341Investment property 802,071 770,981Equity securities 493,529 556,920Cash and short-term investments 2,582 34,460Investment revenue 4,384,408 4,337,702Less investment expenses (970,000) (840,000)Net investment income $ 3,414,408 $ 3,497,702 INVESTMENT RELATED GAINS (LOSSES) The following is a summary of the proceeds from sales, maturities, and calls of fixed maturity and equity securities and the related gross realized gains and losses for the years ended December 31, 2021 and 2020. Net Realized Proceeds Gains Losses Gains (Losses)2021 Fixed maturity securities $ 18,590,418 $ 247,913 $ (9,582) $ 238,332Common stocks 3,023,990 836,477 (129,972) 706,504Preferred stocks 340,523 37,711 — 37,7112020 Fixed maturity securities $ 17,174,787 $ 574,697 $ (926) $ 573,771Common stocks 5,224,984 618,946 (1,435,514) (816,568)Preferred stocks 297,609 8,886 (11,412) (2,526) The amortized cost and estimated fair value of fixed income securities at December 31, 2021, are shown as follows: Amortized Cost Fair ValueDue in one year or less $ 2,103,740 $ 2,138,613Due after one year through five years 17,161,140 17,834,244Due after five years through 10 years 14,901,963 15,661,583Due after 10 years 27,050,300 28,950,347Asset and mortgage backed securities without a specific due date 40,712,275 41,023,871Redeemable preferred stocks 215,805 232,885Total fixed maturity securities $ 102,145,223 $ 105,841,543 Expected maturities may differ from contractual maturities due to call provisions on some existing securities. The following table is a schedule of amortized cost and estimated fair values of investments in securities classified as available for sale at December 31, 2021 and 2020. Gross Unrealized Amortized Cost Fair Value Gains Losses2021 Fixed maturity securities: U.S. Treasury $ 1,352,044 $ 1,345,992 $ 11,276 $ (17,328)MBS/ABS/CMBS 40,712,275 41,023,871 607,483 (295,887)Corporate 38,959,905 41,206,964 2,434,738 (187,679)Municipal 20,905,194 22,031,831 1,149,998 (23,361)Redeemable preferred stock 215,805 232,885 17,080 —Total fixed maturity securities $ 102,145,223 $ 105,841,543 $ 4,220,575 $ (524,255) Gross Unrealized Amortized Cost Fair Value Gains Losses2020 Fixed maturity securities: U.S. Treasury $ 1,352,758 $ 1,385,406 $ 33,336 $ (688)MBS/ABS/CMBS 40,509,172 41,743,304 1,367,411 (133,279)Corporate 39,186,671 43,580,743 4,429,000 (34,928)Municipal 17,488,621 18,788,674 1,316,358 (16,305)Redeemable preferred stock 215,805 242,439 26,634 —Total fixed maturity securities $ 98,753,027 $ 105,740,566 $ 7,172,739 $ (185,200) MORTGAGE-BACKED, COMMERCIAL MORTGAGE-BACKED AND ASSET-BACKED SECURITIES All of the Company’s collateralized securities carry an average credit rating of AA+ by one or more major rating agency and continue to pay according to contractual terms. Included within MBS/ABS/CMBS are residential mortgage backed securities with fair values of $14,975,101 and $16,220,343 and commercial mortgage backed securities of $11,697,671 and $12,721,455 at December 31, 2021 and 2020, respectively. UNREALIZED LOSSES ON AFS SECURITIES The following table is also used as part of the impairment analysis and displays the total value of securities that were in an unrealized loss position as of December 31, 2021 and 2020. The table segregates the securities based on type, noting the fair value, amortized cost, and unrealized loss on each category of investment as well as in total. The table further classifies the securities based on the length of time they have been in an unrealized loss position. December 31, 2021 December 31, 2020 12 Months 12 Months < 12 Months & Greater Total < 12 Months & Greater TotalFixed Maturity Securities: U.S. Treasury Fair value $ 391,250 $ 291,891 $ 683,141 $ 299,391 $ — $ 299,391 Amortized cost 400,408 300,061 700,469 300,078 — 300,078 Unrealized loss (9,158) (8,170) (17,328) (688) — (688)MBS/ABS/CMBS Fair value 20,403,757 1,124,095 21,527,852 7,120,339 2,010,434 9,130,773 Amortized cost 20,647,568 1,176,171 21,823,739 7,236,360 2,027,692 9,264,052 Unrealized loss (243,811) (52,076) (295,887) (116,021) (17,258) (133,279)Corporate Fair value 6,428,166 995,235 7,423,401 1,739,691 — 1,739,691 Amortized cost 6,590,227 1,020,853 7,611,080 1,774,619 — 1,774,619 Unrealized loss (162,061) (25,618) (187,679) (34,928) — (34,928)Municipal Fair value 2,676,052 269,247 2,945,299 756,678 — 756,678 Amortized cost 2,695,269 273,391 2,968,660 772,984 — 772,984 Unrealized loss (19,217) (4,144) (23,361) (16,306) — (16,306)Total Fair value 29,899,225 2,680,468 32,579,693 9,916,099 2,010,434 11,926,533 Amortized cost 30,333,472 2,770,476 33,103,948 10,084,041 2,027,692 12,111,733 Unrealized loss $ (434,247) $ (90,008) $ (524,255) $ (167,942) $ (17,258) $ (185,200) The fixed income portfolio contained 55 securities in an unrealized loss position as of December 31, 2021. Of these 55 securities, 5 have been in an unrealized loss position for 12 consecutive months or longer and represent $90,008 in unrealized losses. All fixed income securities in the investment portfolio continue to pay the expected coupon payments under the contractual terms of the securities. Credit-related impairments on fixed income securities that we do not plan to sell, and for which we are not more likely than not to be required to sell, are recognized in net earnings. Any non-credit related impairment is recognized in comprehensive earnings. Based on management’s analysis, the fixed income portfolio is of a high credit quality and it is believed it will recover the amortized cost basis of the fixed income securities. Management monitors the credit quality of the fixed income investments to assess if it is probable that the Company will receive its contractual or estimated cash flows in the form of principal and interest. There were no other-than-temporary impairment losses recognized in net earnings during the year ended December 31, 2021 and 2020. For all fixed income securities at a loss at December 31, 2021, management believes it is probable that the Company will receive all contractual payments in the form of principal and interest. In addition, the Company is not required to, nor does it intend to sell these investments prior to recovering the entire amortized cost basis for each security, which may be maturity. The fixed income securities in an unrealized loss position were not other-than-temporarily impaired at December 31, 2021 and December 31, 2020. As required by law, certain fixed maturity investments amounting to $3,823,752 and $3,916,710 at December 31, 2021 and 2020, respectively, were on deposit with either regulatory authorities or banks. UNREALIZED GAINS AND LOSSES ON EQUITY SECURITIES Net unrealized gains for the twelve months ended December 31, 2021 and 2020 for equity securities held as of December 31, 2021 and December 31, 2020 were $2,801,991 and $2,167,417, respectively. OTHER INVESTED ASSETSOther invested assets as of December 31, 2021 and December 31, 2020 were $3,086,568 and $1,772,867, respectively. Other invested assets include membership in the Federal Home Loan Bank of Chicago (FHLBC), which occurred in February 2018. As of December 31, 2021 and 2020, our investment in FHLBC stock was carried at cost of $300,000 and $200,000, respectively. Due to the nature of our membership in the FHLBC, the carrying amount approximates fair value. In addition, other invested assets as of December 31, 2021, include privately held investments of $1,720,502 and notes receivable of $1,066,066, compared to $204,000 and $1,369,067, respectively, at December 31, 2020. The notes bear interest between 3.9% and 6.5%. As of December 31, 2021, $315,076 in note payments were received and $12,075 in accrued escrow and interest receivable was recorded. Comparatively, as of December 31, 2020, no note payments were received and no accrued escrow and interest receivable were recorded. The Company had no allowance recorded related to uncollectible note receivables at December 31, 2021 and 2020. During the fourth quarter of 2021, we agreed to commit up to $10.0 million to a private investment fund, subject to regulatory approval, which may be callable from time to time by such fund. As of December 31, 2021, no calls were received. PROPERTY HELD FOR INVESTMENT As of December 31, 2021, investment property comprised of one storage facility in Davenport, Iowa and 52 rental units consisting of duplexes, condos, senior living units, and a seven-plex property. These rentals are located in Colona, Illinois; East Moline, Illinois; Kissimmee, Florida; Milan, Illinois; Moline, Illinois; Rock Island, Illinois; Silvis, Illinois; and Le Claire, Iowa. In addition, we own and operate twelve single-family homes located in Colona, Illinois; East Moline, Illinois; Rock Island, Illinois; and Silvis, Illinois. As of December 31, 2020, investment property comprised of one storage facility in Davenport, Iowa and 65 apartment rental units located in Milan, Illinois; Moline, Illinois; Rock Island, Illinois; Silvis, Illinois; and Le Claire, Iowa. Property held for investment is net of accumulated depreciation of $464,713 and $465,364 as of December 31, 2021, and 2020, respectively. Related depreciation expense was $145,237 and $144,545 for the years ended December 31, 2021, and 2020, respectively.