INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2013

INVESTMENTS [Abstract]

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, 2013	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	$	32,963,938	$	3,156,158	$	(107,550)	$	36,012,546
States, municipalities and political subdivisions		110,000		0		(924)		109,076
U.S. special revenue and assessments		2,152,892		95,763		(239,620)		2,009,035
Collateralized mortgage obligations		1,289,975		116,900		(13)		1,406,862
Public utilities		399,913		49,567		0		449,480
All other corporate bonds		134,168,678		3,483,229		(3,229,082)		134,422,825
		171,085,396		6,901,617		(3,577,189)		174,409,824
Equity securities		38,625,230		1,889,748		0		40,514,978
Total	$	209,710,626	$	8,791,365	$	(3,577,189)	$	214,924,802

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

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, 2013.  Actual maturities could differ from contractual maturities due to call or prepayment provisions:

Fixed Maturities Available for Sale December 31, 2013	Amortized Cost		Estimated Fair Value
Due in one year or less	$	574,145	$	584,549
Due after one year through five years		21,161,153		22,675,320
Due after five years through ten years		101,700,702		104,365,569
Due after ten years		46,212,444		45,228,525
Collateralized mortgage obligations		1,436,952		1,555,861
Total	$	171,085,396	$	174,409,824

Fair value of investments with sustained gross unrealized losses

The fair value of investments with sustained gross unrealized losses at December 31, 2013 and 2012 are as follows:

December 31, 2013	Less than 12 months			12 months or longer			Total
	Fair value		Unrealized losses	Fair value		Unrealized losses	Fair value		Unrealized losses
U.S. Government and govt. agencies and authorities	$	4,889,060	(107,550)	$	0	0	$	4,889,060	(107,550)
States, municipalities and political subdivisions		109,076	(924)		0	0		109,076	(924)
U.S. special revenue and assessments		747,700	(239,620)		0	0		747,700	(239,620)
Collateralized mortgage obligations		1,922	(13)		0	0		1,922	(13)
All other corporate bonds		49,430,637	(1,481,562)		7,318,832	(1,747,520)		56,749,469	(3,229,082)
Total fixed maturities	$	55,178,395	(1,829,669)	$	7,318,832	(1,747,520)	$	62,497,227	(3,577,189)
Equity securities	$	0	0	$	0	0	$	0	0

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)

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, 2013
Fixed maturities	30	5	35
Equity securities	0	0	0
As of December 31, 2012
Fixed maturities	8	3	11
Equity securities	9	0	9

Trading revenue charged to investment

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

	2013		2012
Net unrealized gains (losses)	$	(36,876)	$	(352,761)
Net realized gains (losses)		35,932		2,918,279
Net unrealized and realized gains (losses)	$	(944)	$	2,565,518

Loan payment performance since inception

During 2013 and 2012, the maximum and minimum lending rates for mortgage loans were:

	2013		2012
	Maximum rate	Minimum rate	Maximum rate	Minimum rate
Commercial Loans	10.00 %	3.25 %	10.00 %	3.21 %
Residential Loans	8.00 %	7.00 %	8.00 %	6.00 %

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, 2013:

Payment Frequency	Number of Loans	Carrying Value
No payments received	9	$	56,576
One-time payment received	1		0
Irregular payments received	4		1,555,962
Periodic payments received	16		11,218,197
Total	30	$	12,830,735

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

	2013		2012
In good standing	$	1,493,437	$	3,945,701
Overdue interest over 90 days		4,875,812		3,368,750
Restructured		4,037,814		7,685,690
In process of foreclosure		2,423,672		11,336,812
Total discounted mortgage loans	$	12,830,735	$	26,336,953
Total foreclosed discounted mortgage loans during the year	$	6,294,403	$	2,603,017

Schedule of Net Investment Income

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

	2013		2012
Fixed maturities	$	8,060,930	$	7,490,812
Equity securities		2,955,918		1,745,375
Trading securities		(944)		2,565,518
Mortgage loans		888,960		1,022,895
Discounted mortgage loans		7,672,483		4,186,155
Real estate		9,967,590		8,384,417
Policy loans		782,358		809,885
Cash and cash equivalents		1,060		7,647
Total consolidated investment income		30,328,355		26,212,704
Investment expenses		(8,064,520)		(7,693,447)
Consolidated net investment income	$	22,263,835	$	18,519,257

Net realized investment gains losses

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

2013	Gross Realized Gains		Gross Realized (Losses)		Net Realized Gains (Losses)
Fixed maturities	$	1,631,590	$	(33,898)	$	1,597,692
Real estate		691,762		(254,430)		437,332
Common stock		76,973		(10,245)		66,728
Preferred stock		411		0		411
Mortgage loans		0		(11,135)		(11,135)
Real Estate – OTTI		0		(201,775)		(201,775)
Common stock – OTTI		0		(1,000,000)		(1,000,000)
Total realized gains (losses)	$	2,400,736	$	(1,511,483)	$	889,253

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

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:

	2013		2012
Other than temporary impairments:
Common stock	$	1,000,000	$	174,725
Real estate		201,775		0
States, municipalities and political subdivisions		0		12,680
Total other than temporary impairments	$	1,201,775	$	187,405