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Investments (Tables)

12 Months Ended

Dec. 31, 2019

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

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

	Amortized Cost/Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2019
U.S. government	$	10,689,829	$	100,223	$	38,490	$	10,751,562
States, territories, and possessions		1,096,638		46,385		—		1,143,023
Subdivisions of states, territories, and possessions		12,440,863		389,472		7,470		12,822,865
Industrial and miscellaneous		69,445,114		1,591,777		6,299		71,030,592
Total fixed maturity securities	$	93,672,444	$	2,127,857	$	52,259	$	95,748,042

	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 fixed maturity securities	$	86,763,654	$	221,846	$	1,778,831	$	85,206,669

Schedule of Contractual Maturity Profile of Investments in Fixed Maturity Securities

The table below sets forth the contractual maturity profile of our investments in fixed maturity securities at December 31, 2019 and 2018. Expected maturities could differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties.

	December 31, 2019				December 31, 2018
	Amortized Cost/Cost		Fair Value		Amortized Cost/Cost		Fair Value
Due in less than one year	$	8,570,607	$	8,584,991	$	7,094,266	$	6,549,872
Due after one year to five years		59,713,323		60,844,219		50,676,297		47,892,580
Due after five years to ten years		24,656,702		25,539,400		27,617,956		29,361,896
Due after ten years		731,812		779,432		1,375,135		1,402,321
	$	93,672,444	$	95,748,042	$	86,763,654	$	85,206,669

Schedule of Realized Gains and Losses Securities and Other Investments

During the years ended December 31, 2019 and 2018, proceeds from maturities and sales and gross realized gains and losses on securities and other investments are as follows:

	Year Ended December 31,
	2019		2018
Proceeds	$	18,672,307	$	19,660,697
Gross gains		651,765		206,973
Gross losses		299,997		182,717

Schedule of Realized Investment Gains (Losses)

The components of net realized investment gains (losses) for the years ended December 31, 2019 and 2018 are as follows:

	Year Ended December 31,
	2019			2018
(Loss) gain on sales of fixed maturity securities	$	(27,146	)	$	26,112
Gain (loss) on sales of equity securities and other investments		378,914			(1,856	)
Total gain on sales of investments		351,768			24,256
Unrealized gain (loss) on equity securities and other investments		952,508			(1,557,518	)
Total net realized investment gains (losses)	$	1,304,276		$	(1,533,262	)

Schedule of Net Investment Income

The components of net investment income for the years ended December 31, 2019 and 2018 are as follows:

	Year Ended December 31,
	2019		2018
Fixed maturity securities	$	2,328,645	$	2,311,546
Cash and short-term investments		441,666		61,402
Equity securities		274,791		316,736
Other investments		27,708		9,022
		3,072,810		2,698,706
Less investment expenses		112,443		129,799
Net investment income	$	2,960,367	$	2,568,907

Schedule of Fair Value and Gross Unrealized Losses of Fixed Maturity Investments

The following table shows fair value and gross unrealized losses of our fixed maturity investments with unrealized losses that are not deemed to be other-than temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2019:

	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, 2019:
U.S. government	$	2,628,516	$	8,227	$	4,061,077	$	30,263	$	6,689,593	$	38,490
Subdivisions of states, territories, and possessions		—		—		93,000		7,470		93,000		7,470
Industrial and miscellaneous		4,773,607		5,934		350,922		365		5,124,529		6,299
Total fixed maturity securities	$	7,402,123	$	14,161	$	4,504,999	$	38,098	$	11,907,122	$	52,259

	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 maturity securities	$	33,493,503	$	581,464	$	36,639,167	$	1,197,367	$	70,132,670	$	1,778,831

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 December 31, 2019:

	Total		Level 1		Level 2		Level 3
U.S. government	$	10,751,562	$	—	$	10,751,562	$	—
States, territories, and possessions		1,143,023		—		1,143,023		—
Subdivisions of states, territories and possessions		12,822,865		—		12,822,865		—
Industrial and miscellaneous		71,030,592		—		71,030,592		—
Total fixed maturity securities		95,748,042		—		95,748,042		—
Equity securities		7,756,966		7,756,966		—		—
	$	103,505,008	$	7,756,966	$	95,748,042	$	—

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 fixed maturity securities		85,206,669		—		85,206,669		—
Equity securities		7,267,094		7,267,094		—		—
	$	92,473,763	$	7,267,094	$	85,206,669	$	—