Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2019 and 2018.

			Significant
	Quoted		Other		Significant
	In Active		Observable		Unobservable		Estimated
	Markets		Inputs		Inputs		Fair
	(Level 1)		(Level 2)		(Level 3)		Value
December 31, 2019
Financial assets
Fixed maturities:
U.S. government obligations	$	—	$	2,081,224	$	—	$	2,081,224
Mortgage-backed securities		—		798,608		—		798,608
Asset-backed securities		—		95,247,824		—		95,247,824
States and political subdivisions — general obligations		—		249,282		—		249,282
States and political subdivisions — special revenue		—		25,291		—		25,291
Corporate		—		18,839,632		—		18,839,632
Total fixed maturities		—		117,241,861		—		117,241,861
Mortgage loans on real estate, held for investment		—		—		13,810,041		13,810,041
Derivatives		—		575,294		—		575,294
Investment escrow		—		3,899,986		—		3,899,986
Other invested assets		—		—		2,468,947		2,468,947
Preferred stock		—		—		500,000		500,000
Total Investments	$	—	$	121,717,141	$	16,778,988	$	138,496,129
Financial liabilities
Embedded derivative for equity-indexed contracts	$	—	$	576,634	$	—		576,634
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 December 31, 2019 and 2018, respectively:

	December 31, 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	$	106,014	$	—	$	—	$	106,014	$	106,014
Cash		43,716,205		43,716,205		—		—		43,716,205
Liabilities:
Policyholder deposits (Deposit-type contracts)		171,168,785		—		—		171,168,785		171,168,785

	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

Schedule of Recurring Basis Using Level Three Inputs

							Total gains		Total gains
	Beginning						Included in		Ending Balance
	Balance		Additions		Sales		Income		Value
Assets
Policy loans	$	43,843	$	62,171	$	—	$	—	$	106,014
Mortgage loans on real estate, held for investment		—		15,036,179		1,226,138		—		13,810,041
Other invested assets		—		17,287,325		14,849,555		31,177		2,468,947
Preferred stock		—		500,000		—		—		500,000
Total Investments	$	43,843	$	32,885,675	$	16,075,693	$	31,177	$	16,885,002