FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2012

FAIR VALUE MEASUREMENTS [Abstract]

Financial assets and liabilities measured on recurring basis

The following table presents the Company's assets and liabilities measured at fair value in the consolidated balance sheet on a recurring basis as of December 31, 2012.

		Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	20,993,398	$	166,060,160	$	273,727	$	187,327,285
Equity Securities, available for sale		1,448,585		6,092,614		22,963,715		30,504,914
Trading Securities		13,903,148		115,312		0		14,018,460
Total	$	36,345,131	$	172,268,086	$	23,237,442	$	231,850,659
Liabilities
Trading Securities	$	7,552,704	$	0	$	0	$	7,552,704

The following table presents the Company's assets and liabilities measured at fair value in the consolidated balance sheet on a recurring basis as of December 31, 2011.

		Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	59,735,100	$	64,632,760	$	215,317	$	124,583,177
Equity Securities, available for sale		0		7,344,260		9,955,368		17,299,628
Trading Securities		8,519,064		0		0		8,519,064
Total	$	68,254,164	$	71,977,020	$	10,170,685	$	150,401,869
Liabilities
Trading Securities	$	5,471,475	$	0	$	0	$	5,471,475

The following table provides reconciliations for Level 3 assets measured at fair value on a recurring basis. Transfers into and out of Level 3 are recognized as of the end of the quarter in which they occur.

		Fixed Maturities, Available for Sale		Equity Securities, Available for Sale		Total
Balance at December 31, 2011	$	215,317	$	9,955,368	$	10,170,685
Transfers in to Level 3		0		1,424,117		1,424,117
Total unrealized gain or losses:
Included in other comprehensive income		58,410		61,945		120,355
Purchases		0		11,522,285		11,522,285
Balance at December 31, 2012	$	273,727	$	22,963,715	$	23,237,442

The Level 3 securities include collateralized debt obligations of trust preferred securities issued by banks and insurance companies and certain equity securities with unobservable inputs. None of the collateral is subprime or Alt-A mortgages (loans for which the typical documentation was not provided by the borrower).

The following table presents transfers in and out of each of the valuation levels of fair value.

		2012
		In		Out		Net
Level 1	$	0	$	0	$	0
Level 2		0		(1,424,117)		(1,424,117)
Level 3		1,424,117		0		1,424,117

Estimated fair value of financial instruments required to be valued by ASC 820

The carrying values and estimated fair values of certain of the Company's financial instruments not recorded at fair value in the Consolidated Balance Sheets are shown below. Because the fair value for all consolidated balance sheet items are not required to be disclosed, the aggregate fair value amounts presented below are not reflective of the underlying value of the Company.

		December 31, 2012				December 31, 2011
Assets		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Mortgage loans on real estate	$	17,671,554	$	17,803,159	$	9,272,919	$	9,116,148
Discounted mortgage loans		26,336,953		26,336,953		27,467,920		27,467,920
Investment real estate		68,165,013		68,165,013		62,701,375		62,701,375
Policy loans		12,591,572		12,591,572		13,312,229		13,312,229
Cash and cash equivalents		23,321,246		23,321,246		82,925,675		82,925,675
Short term investments		6,268,320		6,268,320		0		0
Liabilities
Notes payable		18,857,954		18,857,954		9,531,645		9,519,300

Transfers in and out of each of valuation levels of fair value

The following table presents transfers in and out of each of the valuation levels of fair value.

		2012
		In		Out		Net
Level 1	$	0	$	0	$	0
Level 2		0		(1,424,117)		(1,424,117)
Level 3		1,424,117		0		1,424,117