Fair Values of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Investments, All Other Investments [Abstract]

Schedule of Financial Instruments at Fair Value Measured on a Recurring Basis

The following table presents the Company’s fair value hierarchy for those financial instruments measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018.

			Significant
	Quoted		Other		Significant
	In Active		Observable		Unobservable		Estimated
	Markets		Inputs		Inputs		Fair
	(Level 1)		(Level 2)		(Level 3)		Value
September 30, 2019
Fixed maturities:
U.S. government obligations	$	—	$	2,046,251	$	—	$	2,046,251
Mortgage-backed securities		—		860,717		—		860,717
Asset-backed securities		—		46,253,623		—		46,253,623
States and political subdivisions — general obligations		—		267,601		—		267,601
States and political subdivisions — special revenue		—		25,329		—		25,329
Corporate		—		17,810,912		—		17,810,912
Total fixed maturities		—		67,264,433		—		67,264,433
Mortgage loans on real estate, held for investment		—		—		10,098,478		10,098,478
Other invested assets		—		—		2,976,375		2,976,375
Preferred stock		—		—		500,000		500,000
Total Investments	$	—	$	67,264,433	$	13,574,853	$	80,839,286
December 31, 2018
Fixed maturities:
U.S. government obligations	$	—	$	1,995,951	$	—	$	1,995,951
Mortgage-back securities		—		1,004,051		—		1,004,051
States and political subdivisions - general obligations		—		263,184		—		263,184
States and political subdivisions - special revenue		—		25,173		—		25,173
Corporate		—		14,095,824		—		14,095,824
Total fixed maturities	$	—	$	17,384,183	$	—	$	17,384,183

Schedule of Financial Assets and Liabilities at Fair Value

The following disclosure contains the carrying values, estimated fair values and their corresponding placement in the fair value hierarchy, for financial assets and financial liabilities as of September 30, 2019 and December 31, 2018, respectively:

	September 30, 2019
			Fair Value Measurements Using
			Quoted Prices in
			Active Markets		Significant Other		Significant
			for Identical Assets		Observable		Unobservable
	Carrying		and Liabilities		Inputs		Inputs		Fair
	Amount		(Level 1)		(Level 2)		(Level 3)		Value
Assets:
Policy loans	$	42,902	$	—	$	—	$	42,902	$	42,902
Cash		24,369,609		24,369,609		—		—		24,369,609
Liabilities:
Policyholder deposits
(Deposit-type contracts)		87,901,054		—		—		87,901,054		87,901,054

	December 31, 2018
			Fair Value Measurements Using
			Quoted Prices in
			Active Markets		Significant Other		Significant
			for Identical Assets		Observable		Unobservable
	Carrying		and Liabilities		Inputs		Inputs		Fair
	Amount		(Level 1)		(Level 2)		(Level 3)		Value
Assets:
Policy loans	$	43,843	$	—	$	—	$	43,843	$	43,843
Cash		2,832,567		2,832,567		—		—		2,832,567
Liabilities:
Policyholder deposits
(Deposit-type contracts)		7,234,927		—		—		7,234,927		7,234,927
Notes payable		18,938,705		—		—		18,938,705		18,938,705