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INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2012

Amortized cost and estimated values of investments in securities including investments held for sale

The following tables provide a summary of fixed maturities available for sale and equity securities by original or amortized cost and estimated fair value:

December 31, 2012		Original or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Investments available for sale:
Fixed maturities
U.S. Government and govt. agencies and authorities	$	33,430,165	$	5,457,009	$	0	$	38,887,174
States, municipalities and political subdivisions		160,000		6,637		0		166,637
U.S. special revenue and assessments		2,150,070		153,545		0		2,303,615
Collateralized mortgage obligations		2,241,384		183,409		(8)		2,424,785
Public utilities		399,900		63,662		0		463,562
All other corporate bonds		135,145,198		9,747,565		(1,811,251)		143,081,512
		173,526,717		15,611,827		(1,811,259)		187,327,285
Equity securities		29,497,001		1,303,328		(295,415)		30,504,914
Total	$	203,023,718	$	16,915,155	$	(2,106,674)	$	217,832,199

December 31, 2011		Original or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Investments available for sale:
Fixed maturities
U.S. Government and govt. agencies and authorities	$	56,794,363	$	13,805,565	$	0	$	70,599,928
States, municipalities and political subdivisions		235,000		6,317		0		241,317
Collateralized mortgage obligations		750,944		11,756		(2,973)		759,727
Public utilities		399,887		62,188		0		462,075
All other corporate bonds		49,334,206		4,901,684		(1,715,760)		52,520,130
		107,514,400		18,787,510		(1,718,733)		124,583,177
Equity securities		16,200,043		1,216,286		(116,701)		17,299,628
Total	$	123,714,443	$	20,003,796	$	(1,835,434)	$	141,882,805

Amortized cost and estimated market value of debt securities, by contractual maturity

The following table provides a summary of fixed maturities by contractual maturity as of December 31, 2012. Actual maturities could differ from contractual maturities due to call or prepayment provisions:

Fixed Maturities Available for Sale December 31, 2012		Amortized Cost		Estimated Fair Value

Due in one year or less	$	4,067,722	$	4,116,580
Due after one year through five years		22,420,385		24,718,707
Due after five years through ten years		105,150,475		113,890,802
Due after ten years		39,643,584		42,173,173
Collateralized mortgage obligations		2,244,551		2,428,023
Total	$	173,526,717	$	187,327,285

Fair value of investments with sustained gross unrealized losses

The fair value of investments with sustained gross unrealized losses at December 31, 2012 and 2011 are as follows:

December 31, 2012		Less than 12 months			12 months or longer			Total

		Fair value	Unrealized losses		Fair value	Unrealized losses		Fair value	Unrealized losses
Collateralized mortgage obligations	$	4,513	(8)	$	0	0	$	4,513	(8)
All other corporate bonds		13,776,705	(245,846)		385,823	(1,565,405)		14,162,528	(1,811,251)
Total fixed maturities	$	13,781,218	(245,854)	$	385,823	(1,565,405)	$	14,167,041	(1,811,259)

Equity securities	$	594,081	(295,415)	$	0	0	$	594,081	(295,415)

December 31, 2011		Less than 12 months			12 months or longer			Total

		Fair value	Unrealized losses		Fair value	Unrealized losses		Fair value	Unrealized losses
Collateralized mortgage obligations	$	7,008	(36)	$	97,868	(2,937)	$	104,876	(2,973)
All other corporate bonds		3,915,393	(17,574)		1,268,583	(1,698,186)		5,183,976	(1,715,760)
Total fixed maturities	$	3,922,401	(17,610)	$	1,366,451	(1,701,123)	$	5,288,852	(1,718,733)

Equity securities	$	848,032	(55,141)	$	292,441	(61,560)	$	1,140,473	(116,701)

The following table provides additional information regarding the number of securities that were in an unrealized loss position for greater than or less than twelve months:

	Less than 12 months	12 months or longer	Total
As of December 31, 2012
Fixed maturities	8	3	11
Equity securities	9	0	9
As of December 31, 2011
Fixed maturities	5	6	11
Equity securities	2	1	3

Trading revenue charged to investment

The following table reflects trading securities revenue charged to net investment income for the periods ended December 31:

		2012		2011

Net unrealized gains (losses)	$	(352,761)	$	(1,604,757)
Net realized gains (losses)		2,918,279		(737,328)
Net unrealized and realized gains (losses)	$	2,565,518	$	(2,342,085)

Discounted mortgage holdings

The following table summarizes the number loans held in the discounted mortgage loan portfolio and the carrying value of the loans as of December 31, 2012:

Payment Frequency	Number of Loans		Carrying Value

No payments received	13	$	5,558,962
One-time payment received	3		0
Irregular payments received	17		7,681,387
Regular payments received	23		13,096,604
Total	56	$	26,336,953

The following table summarizes discounted mortgage loan holdings of the Company for the periods ended December 31:

		2012		2011
In good standing	$	3,945,701	$	6,657,971
Overdue interest over 90 days		3,368,750		5,907,192
Restructured		7,685,690		7,726,156
In process of foreclosure		11,336,812		7,176,601
Total discounted mortgage loans	$	26,336,953	$	27,467,920
Total foreclosed discounted mortgage loans during the year	$	2,603,017	$	21,059,386

Schedule of Net Investment Income

The following table reflects the Company's net investment income for the periods ended December 31:

		2012		2011

Fixed maturities	$	7,490,812	$	4,277,019
Equity securities		1,745,375		971,008
Trading securities		2,565,518		(2,342,085)
Mortgage loans		1,022,895		645,838
Discounted mortgage loans		4,186,155		8,231,832
Real estate		8,384,417		6,820,847
Policy loans		809,885		807,389
Short-term investments		0		156,527
Cash and cash equivalents		7,647		8,396
Total consolidated investment income		26,212,704		19,576,771
Investment expenses		(7,693,447)		(8,378,606)
Consolidated net investment income	$	18,519,257	$	11,198,165

Net realized investment gains losses

The following table reflects the Company's net realized investments gains and losses for the periods ended December 31:

2012		Gross Realized Gains		Gross Realized (Losses)		Net Realized Gains (Losses)

Fixed maturities	$	9,816,015	$	(409,745)	$	9,406,270
Real estate		4,533,747		(14,194)		4,519,553
Common stock		566,894		0		566,894
Fixed maturities – OTTI		0		(12,680)		(12,680)
Common stock – OTTI		0		(174,725)		(174,725)
Total realized gains (losses)	$	14,916,656	$	(611,344)	$	14,305,312

2011		Gross Realized Gains		Gross Realized (Losses)		Net Realized Gains (Losses)

Fixed maturities	$	9,290,554	$	(376,567)	$	8,913,987
Equity securities		0		(126,193)		(126,193)
Real estate		7,371,693		(50,634)		7,321,059
Mortgage loans		0		(203,440)		(203,440)
Real estate – OTTI		0		(3,360,430)		(3,360,430)
Mortgage loans – OTTI		0		(982,354)		(982,354)
Total realized gains (losses)	$	16,662,247	$	(5,099,618)	$	11,562,629

Other than temporary impairments

Based on Management's review of the investment portfolio, the Company recorded the following losses for other-than-temporary impairments in the Consolidated Statements of Operations for the periods ended December 31:

		2012		2011

Other than temporary impairments:
Common stock	$	174,725	$	0
Discounted mortgage loans		0		982,354
Real estate		0		3,360,430
States, municipalities and political subdivisions		12,680		0
Total other than temporary impairments	$	187,405	$	4,342,784

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

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-Publisher FASB

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+ Details

- Definition

Tabular disclosure of investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities and on cash and cash equivalents, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums, respectively. This item does not include realized or unrealized gains or losses on the sale or holding of investments in debt and equity securities required to be included in earnings for the period or for other than temporary losses related to investments in debt and equity securities which are included in realized losses in the period recognized.

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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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