FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2014

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 March 31, 2014.

	Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	19,384,352	$	156,225,114	$	301,685	$	175,911,151
Equity Securities, available for sale		1,669,042		6,764,208		32,272,649		40,705,899
Trading Securities		7,206,667		0		0		7,206,667
Total	$	28,260,061	$	162,989,322	$	32,574,334	$	223,823,717
Liabilities
Trading Securities	$	153,615	$	0	$	0	$	153,615

	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 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, 2013	$	313,813		$	32,096,586	$	32,410,399
Total unrealized gains or (losses):
Included in realized gains/(losses)		82,287			0		82,287
Included in other comprehensive income		53,128			176,063		229,191
Sales		(147,543	)		0		(147,543	)
Balance at March 31, 2014	$	301,685		$	32,272,649	$	32,574,334

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.

	March 31, 2014				December 31, 2013
Assets	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Mortgage loans on real estate	$	13,935,687	$	14,171,392	$	14,454,534	$	14,734,756
Discounted mortgage loans		11,419,518		11,419,581		12,830,735		12,830,735
Investment real estate		83,937,511		83,937,511		83,585,359		83,585,359
Policy loans		11,638,101		11,638,101		11,860,960		11,860,960
Cash and cash equivalents		18,515,389		18,515,389		19,838,618		19,838,618
Short term investments		184,800		184,800		0		0
Liabilities
Notes payable		19,097,534		19,097,534		19,097,534		19,097,534