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Investments (Tables)
 12 Months Ended
Dec. 31, 2021
Investments [Abstract]  
Amortized Cost and Estimated Fair Values of Fixed Maturities

The amortized cost and estimated fair values of our fixed maturities at December 31, 2021 and 2020 are as follows:

   
2021
  
Held to Maturity
  
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Estimated
Fair Value
  
U.S. Treasury securities and obligations of U.S. government corporations and agencies
  
$
89,267,988
    
$
1,922,976
    
$
1,015,040
    
$
90,175,924
  
Obligations of states and political subdivisions
    
371,435,776
      
17,856,745
      
948,113
      
388,344,408
  
Corporate securities
    
191,147,051
      
11,576,693
      
772,809
      
201,950,935
  
Mortgage-backed securities
    
16,253,753
      
675,944
      
—
      
16,929,697
  
Totals
  
$
668,104,568
    
$
32,032,358
    
$
2,735,962
    
$
697,400,964
  

   
2021
  
Available for Sale
  
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Estimated
Fair Value
  
U.S. Treasury securities and obligations of U.S. government corporations and agencies
  
$
32,501,080
    
$
144,377
    
$
460,831
    
$
32,184,626
  
Obligations of states and political subdivisions
    
55,458,687
      
2,002,035
      
82,631
      
57,378,091
  
Corporate securities
    
215,668,644
      
6,817,036
      
874,405
      
221,611,275
  
Mortgage-backed securities
    
219,664,635
      
3,000,806
      
1,210,418
      
221,455,023
  
Totals
  
$
523,293,046
    
$
11,964,254
    
$
2,628,285
    
$
532,629,015
  

   
2020
  
Held to Maturity
  
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Estimated
Fair Value
  
U.S. Treasury securities and obligations of U.S. government corporations and agencies
  
$
77,435,268
    
$
3,983,890
    
$
223,564
    
$
81,195,594
  
Obligations of states and political subdivisions
    
312,319,238
      
23,211,483
      
142,750
      
335,387,971
  
Corporate securities
    
173,269,560
      
18,172,244
      
205,761
      
191,236,043
  
Mortgage-backed securities
    
23,585,373
      
1,235,840
      
—
      
24,821,213
  
Totals
  
$
586,609,439
    
$
46,603,457
    
$
572,075
    
$
632,640,821
  

   
2020
  
Available for Sale
  
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Estimated
Fair Value
  
U.S. Treasury securities and obligations of U.S. government corporations and agencies
  
$
47,511,872
    
$
423,855
    
$
121,015
    
$
47,814,712
  
Obligations of states and political subdivisions
    
66,286,667
      
2,690,335
      
11,765
      
68,965,237
  
Corporate securities
    
202,396,309
      
10,496,218
      
184,464
      
212,708,063
  
Mortgage-backed securities
    
218,763,252
      
6,901,676
      
16,923
      
225,648,005
  
Totals
  
$
534,958,100
    
$
20,512,084
    
$
334,167
    
$
555,136,017
  
Amortized Cost and Estimated Fair Value of Fixed Maturities by Contractual Maturity

We set forth below the amortized cost and estimated fair value of fixed maturities at December 31, 2021 by contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
   
Amortized Cost
    
Estimated
Fair Value
  
Held to maturity
            
Due in one year or less
  
$
29,359,965
    
$
30,170,296
  
Due after one year through five years
    
84,797,619
      
89,011,185
  
Due after five years through ten years
    
229,972,129
      
238,657,219
  
Due after ten years
    
307,721,102
      
322,632,567
  
Mortgage-backed securities
    
16,253,753
      
16,929,697
  
Total held to maturity
  
$
668,104,568
    
$
697,400,964
  
Available for sale
                
Due in one year or less
  
$
19,157,465
    
$
19,411,213
  
Due after one year through five years
    
124,209,793
      
128,340,492
  
Due after five years through ten years
    
130,046,327
      
132,293,644
  
Due after ten years
    
30,214,826
      
31,128,643
  
Mortgage-backed securities
    
219,664,635
      
221,455,023
  
Total available for sale
  
$
523,293,046
    
$
532,629,015
  
Cost and Estimated Fair Values of Equity Securities

The cost and estimated fair values of our equity securities at December 31, 2021 were as follows:
 
   
Cost
    
Gross Gains
    
Gross Losses
    
Estimated
Fair Value
  
       
Equity securities
  
$
43,262,577
    
$
20,413,667
    
$
256,271
    
$
63,419,973
  


The cost and estimated fair values of our equity securities at December 31, 2020 were as follows:


   
Cost
    
Gross Gains
    
Gross Losses
    
Estimated
Fair Value
  
       
Equity securities
  
$
42,409,750
    
$
17,103,055
    
$
956,632
    
$
58,556,173
  
Net Investment Income, consisting Primarily of Interest and Dividends

We derived net investment income, consisting primarily of interest and dividends, from the following sources:
   
2021
    
2020
    
2019
  
Fixed maturities
  
$
32,343,878
    
$
30,750,231
    
$
29,969,774
  
Equity securities
    
1,437,948
      
1,386,343
      
1,268,056
  
Short-term investments
    
321,117
      
427,392
      
1,243,104
  
Other
    
29,250
      
29,250
      
29,251
  
Investment income
    
34,132,193
      
32,593,216
      
32,510,185
  
Investment expenses
    
(3,006,562
)
    
(3,088,750
)
    
(2,995,230
)
Net investment income
  
$
31,125,631
    
$
29,504,466
    
$
29,514,955
  
Gross Investment Gains and Losses before Applicable Income Taxes

We present below gross gains and losses from investments and the change in the difference between fair value and cost of investments:
 
   
2021
    
2020
    
2019
  
Gross realized gains:
                  
Fixed maturities
  
$
676,724
    
$
818,350
    
$
470,983
  
Equity securities
    
1,430,465
      
106,075
      
1,546,598
  
Investment in affiliate
    
—
      
—
      
12,662,147
  
     
2,107,189
      
924,425
      
14,679,728
  
Gross realized losses:
                        
Fixed maturities
    
294,126
      
246,243
      
323,746
  
Equity securities
    
462,335
      
3,555,304
      
1,270,301
  
     
756,461
      
3,801,547
      
1,594,047
  
Net realized gains (losses)
    
1,350,728
      
(2,877,122
)
    
13,085,681
  
Gross unrealized gains on equity securities
    
5,627,949
      
8,426,806
      
8,924,687
  
Gross unrealized losses on equity securities
    
(501,391
)
    
(2,771,765
)
    
(25,751
)
Net investment gains
  
$
6,477,286
    
$
2,777,919
    
$
21,984,617
  
                         
Change in difference between fair value and cost of investments:
                        
Fixed maturities
  
$
(27,576,934
)
  
$
33,876,212
    
$
38,647,456
  
Equity securities
    
4,010,973
      
4,088,003
      
9,334,127
  
Totals
  
$
(23,565,961
)
  
$
37,964,215
    
$
47,981,583
  
Fixed Maturities with Unrealized Losses

We held fixed maturities with unrealized losses representing declines that we considered temporary at December 31, 2021 as follows:


   
Less than 12 months
    
12 months or longer
  
   
Fair Value
    
Unrealized Losses
    
Fair Value
    
Unrealized Losses
  
U.S. Treasury securities and obligations of U.S. government corporations and agencies
  
$
27,691,051
    
$
412,055
    
$
28,426,248
    
$
1,063,816
  
Obligations of states and political subdivisions
    
56,654,480
      
899,139
      
7,090,499
      
131,605
  
Corporate securities
    
92,736,747
      
1,609,931
      
1,462,717
      
37,283
  
Mortgage-backed securities
    
90,006,234
      
1,128,197
      
2,361,232
      
82,221
  
Totals
  
$
267,088,512
    
$
4,049,322
    
$
39,340,696
    
$
1,314,925
  


We held fixed maturities with unrealized losses representing declines that we considered temporary at December 31, 2020 as follows:
 
   
Less than 12 months
    
12 months or longer
  
   
Fair Value
    
Unrealized Losses
    
Fair Value
    
Unrealized Losses
  
U.S. Treasury securities and obligations of U.S. government corporations and agencies
  
$
29,144,224
    
$
344,579
    
$
—
    
$
—
  
Obligations of states and political subdivisions
    
9,361,435
      
154,515
      
—
      
—
  
Corporate securities
    
26,142,933
      
114,606
      
8,229,646
      
275,619
  
Mortgage-backed securities
    
3,091,272
      
15,425
      
236,560
      
1,498
  
Totals
  
$
67,739,864
    
$
629,125
    
$
8,466,206
    
$
277,117