FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 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 consolidated balance sheet on a recurring basis as of December 31, 2013.

	Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	19,407,301	$	154,688,710	$	313,813	$	174,409,824
Equity Securities, available for sale		1,643,803		6,774,589		32,096,586		40,514,978
Trading Securities		6,614,111		0		0		6,614,111
Total	$	27,665,215	$	161,463,299	$	32,410,399	$	221,538,913
Liabilities
Trading Securities	$	357,439	$	0	$	0	$	357,439

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 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
Transfers in to Level 3		0		0		0
Total unrealized gain or (losses):
Included in other comprehensive income		40,086		713,352		753,438
Purchases		0		8,419,519		8,419,519
Balance at December 31, 2013	$	313,813	$	32,096,586	$	32,410,399

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, 2013				December 31, 2012
Assets	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Mortgage loans on real estate	$	14,454,534	$	14,734,756	$	17,671,554	$	17,803,159
Discounted mortgage loans		12,830,735		12,830,735		26,336,953		26,336,953
Investment real estate		83,585,359		83,585,359		68,165,013		68,165,013
Policy loans		11,860,960		11,860,960		12,591,572		12,591,572
Cash and cash equivalents		19,838,618		19,838,618		23,321,246		23,321,246
Short term investments		0		0		6,268,320		6,268,320
Liabilities
Notes payable		19,097,534		19,097,534		18,857,954		18,857,954