Fair Values of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019.

			Significant
	Quoted		Other		Significant
	In Active		Observable		Unobservable		Estimated
	Markets		Inputs		Inputs		Fair
	(Level 1)		(Level 2)		(Level 3)		Value
March 31, 2020
Financial assets
Fixed maturities:
U.S. government obligations	$	—	$	2,216,200	$	—	$	2,216,200
Mortgage-backed securities		—		752,980		—		752,980
Asset-backed securities		—		102,779,025		—		102,779,025
States and political subdivisions — general obligations		—		251,233		—		251,233
States and political subdivisions — special revenue		—		2,971,711		—		2,971,711
Corporate		—		16,861,714		—		16,861,714
Total fixed maturities		—		125,832,863		—		125,832,863
Mortgage loans on real estate, held for investment		—		—		48,982,622		48,982,622
Derivatives		—		463,330		—		463,330
Investment escrow		—		—		—		—
Other invested assets		—		—		2,796,352		2,796,352
Preferred stock		—		—		500,000		500,000
Total Investments	$	—	$	126,296,193	$	52,278,974	$	178,575,167
Financial liabilities
Embedded derivative for equity-indexed contracts	$	—	$	561,759	$	—		561,759
December 31, 2019
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

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 March 31, 2020 and December 31, 2019, respectively:

	March 31, 2020
			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	$	128,734	$	—	$	—	$	128,734	$	128,734
Cash		25,506,856		25,506,856		—		—		25,506,856
Liabilities:
Policyholder deposits (Deposit-type contracts)		220,462,679		—		—		220,462,679		220,462,679

	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

Schedule of Recurring Basis Using Level Three Inputs

	Beginning								Ending
	Balance						Realized		Balance
	As of						Gain/		As of
	December 31, 2019		Additions		Sales		(Loss)		March 31, 2020
Assets
Policy loans	$	106,014	$	22,720	$	—	$	—	$	128,734
Mortgage loans on real estate,
held for investment		13,810,041		37,242,531		2,100,192		30,242		48,982,622
Other invested assets		2,468,947		2,458,792		2,131,387		—		2,796,352
Preferred stock		500,000		—		—		—		500,000
Total Investments	$	16,885,002	$	39,724,043	$	4,231,579	$	30,242	$	52,407,708