Assets and Liabilities Held for Sale (Tables)

12 Months Ended

Dec. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Assets and Liabilities Discontinued Operations

The table below summarizes the assets and liabilities that are included in discontinued operations for the years ended December 31, 2018 and 2017:

	Year Ended December 31,
	2018		2017
Carrying amounts of major classes of assets included as part of discontinued operations
Policy loans	$	366,849	$	348,705
Amounts recoverable from reinsurers		20,359,326		108,368
Premium recoverable		210,896		263,223
Deferred acquisition costs, net		-		2,045,808
Value of business acquired, net		-		427,454
Other assets		-		9,825
Total assets on the disposal group classified as held for sale in the Consolidated Balance Sheet	$	20,937,071	$	3,203,383
Carrying amounts of major classes of liabilities included as part of discontinued operations
Benefit reserves	$	9,799,834	$	9,490,810
Policy claims		127,666		151,422
Deposit-type contracts		11,050,139		10,106,758
Advance premiums		21,699		36,429
Accounts payable and accrued expenses		53,395		51,828
Total liabilities on the disposal group classified as held for sale in the Consolidated Balance Sheet	$	21,052,733	$	19,837,247

Schedule of Losses/Gains Discontinued Operations

The table below summarizes the losses/gains that are included in discontinued operations for the years ended December 31, 2018 and 2017:

	Year Ended December 31,
	2018			2017
Major line items constituting pretax (loss) profit of discontinued operations
Premiums	$	933,980		$	2,060,172
Miscellaneous income		-			10,555
Death and other benefits		(421,448	)		(694,375	)
Interest credited		(192,008	)		(395,362	)
Increase in benefit reserves		(41,790	)		(424,692	)
Amortization of deferred acquisition costs		(202,913	)		(384,589	)
Other operating expenses		(104,105	)		(22,067	)
(Loss) gain on discontinued operations	$	(28,284	)	$	149,642