FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2013

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 condensed consolidated balance sheet on a recurring basis as of September 30, 2013.

	Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	19,623,494	$	153,113,751	$	332,137	$	173,069,382
Equity Securities, available for sale		1,552,773		6,812,933		30,003,188		38,368,894
Trading Securities		6,171,863		0		0		6,171,863
Total	$	27,348,130	$	159,926,684	$	30,335,325	$	217,610,139
Liabilities
Trading Securities	$	628,162	$	0	$	0	$	628,162

The following table presents the Company's assets and liabilities measured at fair value in the Condensed 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 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, 2012	$	273,727	$	22,963,715	$	23,237,442
Total unrealized gains or (losses):
Included in other comprehensive income		58,410		19,953		78,363
Purchases		0		7,019,520		7,019,520
Balance at September 30, 2013	$	332,137	$	30,003,188	$	30,335,325

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 condensed consolidated balance sheets are shown below. Because the fair value for all condensed 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.

	September 30, 2013				December 31, 2012
Assets	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Mortgage loans on real estate	$	12,553,581	$	12,818,672	$	17,671,554	$	17,803,159
Discounted mortgage loans		19,176,036		19,176,036		26,336,953		26,336,953
Investment real estate		82,195,332		82,195,332		68,165,013		68,165,013
Policy loans		12,037,472		12,037,472		12,591,572		12,591,572
Cash and cash equivalents		22,252,917		22,252,917		23,321,246		23,321,246
Short term investments		0		0		6,268,320		6,268,320
Liabilities
Notes payable		17,000,000		17,000,000		18,857,954		18,857,954