Investments (Tables)

3 Months Ended

Mar. 31, 2019

Marketable Securities [Abstract]

Schedule of Amortized Cost/Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Value of Fixed Maturity and Equity Securities

Amortized cost/cost, gross unrealized gains, gross unrealized losses, and fair value of fixed maturity and equity securities by major security type for the results at March 31, 2019 and December 31, 2018 are as follows:

	Amortized Cost/Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2019
U.S. government	$	12,495,670	$	66,357	$	143,202	$	12,418,825
States, territories, and possessions		1,108,127		32,091		—		1,140,218
Subdivisions of states, territories, and possessions		13,188,958		257,589		21,743		13,424,804
Industrial and miscellaneous		55,206,618		258,117		367,125		55,097,610
Total bonds		81,999,373		614,154		532,070		82,081,457
Common stocks		7,605,008		969,165		517,169		8,057,004
	$	89,604,381	$	1,583,319	$	1,049,239	$	90,138,461

	Amortized Cost/Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2018
U.S. government	$	12,859,101	$	87,354	$	208,699	$	12,737,756
States, territories, and possessions		1,111,879		14,497		897		1,125,479
Subdivisions of states, territories, and possessions		13,230,690		105,965		44,591		13,292,064
Industrial and miscellaneous		59,561,984		14,030		1,524,644		58,051,370
Total bonds		86,763,654		221,846		1,778,831		85,206,669
Common stocks		7,568,810		524,526		826,242		7,267,094
	$	94,332,464	$	746,372	$	2,605,073	$	92,473,763

Schedule of Maturities of Investments in Bond Securities

At March 31, 2019, contractual maturities of investments in bond securities are as follows:

	Amortized Cost/Cost		Fair Value
Due in less than one year	$	7,087,519	$	7,062,550
Due after one year to five years		50,142,445		50,134,517
Due after five years to ten years		23,987,741		24,077,969
Due after ten years		781,668		806,421
	$	81,999,373	$	82,081,457

Schedule of Realized Gains and Losses Securities

During the interim periods ended March 31, 2019 and 2018, proceeds from maturity and sales and gross realized gains and losses on securities are:

	2019		2018
Proceeds	$	4,977,081	$	6,414,419
Gross gains		18,691		29,176
Gross losses		53,637		16,910

Schedule of Net Investment Income

The components of net investment income for the interim periods ended March 31, 2019 and 2018 are as follows:

	2019			2018
Bonds	$	565,070		$	555,592
Cash and short-term investments		20,655			12,221
Common stocks		66,736			67,838
Limited partnerships		1,625			(2,352	)
Other		9,233			—
Net (loss) gain on sales of investments		(34,946	)		12,266
Unrealized gain (loss) on equity securities		886,597			(173,743	)
		1,514,970			471,822
Less investment expenses		35,063			25,580
Net investment income	$	1,479,907		$	446,242

The Fair Value and Unrealized Losses of Securities

The fair value and unrealized losses of our securities that were temporarily impaired as of March 31, 2019 and December 31, 2018 are as follows:

	Less than 12 months				12 months or longer				Total
Description of securities	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2019:
U.S. government	$	1,136,969	$	1,912	$	8,585,023	$	141,290	$	9,721,992	$	143,202
Subdivisions of states, territories, and possessions		—		—		919,916		21,743		919,916		21,743
Industrial and miscellaneous		7,065,499		20,678		25,166,485		346,447		32,231,984		367,125
Total fixed maturities		8,202,468		22,590		34,671,424		509,480		42,873,892		532,070
Common stocks		1,652,463		161,262		967,701		355,907		2,620,164		517,169
Total temporarily impaired securities	$	9,854,931	$	183,852	$	35,639,125	$	865,387	$	45,494,056	$	1,049,239

	Less than 12 months				12 months or longer				Total
Description of securities	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2018:
U.S. government	$	1,757,021	$	5,521	$	8,858,782	$	203,178	$	10,615,803	$	208,699
States, territories, and possessions		410,416		897		—		—		410,416		897
Subdivisions of states, territories, and possessions		3,138,650		11,729		1,993,170		32,862		5,131,820		44,591
Industrial and miscellaneous		28,187,416		563,317		25,787,215		961,327		53,974,631		1,524,644
Total fixed maturities		33,493,503		581,464		36,639,167		1,197,367		70,132,670		1,778,831
Common stocks		2,914,528		471,382		631,297		354,860		3,545,825		826,242
Total temporarily impaired securities	$	36,408,031	$	1,052,846	$	37,270,464	$	1,552,227	$	73,678,495	$	2,605,073

Schedule of Estimate Fair Value of Assets

The table below presents the level within the fair value hierarchy generally utilized by us to estimate the fair value of assets disclosed on a recurring basis at March 31, 2019:

.	Total		Level 1		Level 2		Level 3
U.S. government	$	12,418,825	$	—	$	12,418,825	$	—
States, territories, and possessions		1,140,218		—		1,140,218		—
Subdivisions of states, territories and possessions		13,424,804		—		13,424,804		—
Industrial and miscellaneous		55,097,610		—		55,097,610		—
Total bonds		82,081,457		—		82,081,457		—
Common stocks		8,057,004		8,057,004		—		—
	$	90,138,461	$	8,057,004	$	82,081,457	$	—

The table below presents the level within the fair value hierarchy generally utilized by us to estimate the fair value of assets disclosed on a recurring basis at December 31, 2018:

	Total		Level 1		Level 2		Level 3
U.S. government	$	12,737,756	$	—	$	12,737,756	$	—
States, territories, and possessions		1,125,479		—		1,125,479		—
Subdivisions of states, territories and possessions		13,292,064		—		13,292,064		—
Industrial and miscellaneous		58,051,370		—		58,051,370		—
Total bonds		85,206,669		—		85,206,669		—
Common stocks		7,267,094		7,267,094		—		—
	$	92,473,763	$	7,267,094	$	85,206,669	$	—