INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2014

Amortized cost and estimated values of investments in securities including investments held for sale

Investments in available for sale securities are summarized as follows:

June 30, 2014		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	$	32,971,711	$	3,253,290	$	(60,309)	$	36,164,692
States, municipalities and political subdivisions		105,000		1,501		0		106,501
U.S. special revenue and assessments		1,703,646		79,196		(217,640)		1,565,202
Collateralized mortgage obligations		1,179,564		101,557		(10)		1,281,111
Public utilities		399,920		61,670		0		461,590
All other corporate bonds		132,046,053		8,358,665		(1,519,750)		138,884,968
		168,405,894		11,855,879		(1,797,709)		178,464,064
Equity securities		38,001,406		3,682,775		(709)		41,683,472
Total	$	206,407,300	$	15,538,654	$	(1,798,418)	$	220,147,536

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

Amortized cost and estimated market value of debt securities, by contractual maturity

The amortized cost and estimated market value of debt securities at June 30, 2014, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Fixed Maturities Available for Sale June 30, 2014		Amortized Cost		Estimated Fair Value

Due in one year or less	$	2,122,904	$	2,184,318
Due after one year through five years		27,156,733		29,126,177
Due after five years through ten years		97,400,143		103,657,373
Due after ten years		40,546,550		42,215,085
Collateralized mortgage obligations		1,179,564		1,281,111
Total	$	168,405,894	$	178,464,064

Fair value of investments with sustained gross unrealized losses

The fair value of investments with sustained gross unrealized losses at June 30, 2014 and December 31, 2013 are as follows:

June 30, 2014		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	$	0	0	$	4,936,720	(60,309)	$	4,936,720	(60,309)
U.S. Special Revenue and Assessments		769,680	(217,640)		0	0		769,680	(217,640)
Collateralized mortgage obligations		1,851	(10)		0	0		1,851	(10)
All other corporate bonds		1,528,903	(3,955)		5,426,829	(1,515,795)		6,955,732	(1,519,750)
Total fixed maturities	$	2,300,434	(221,605)	$	10,363,549	(1,576,104)	$	12,663,983	(1,797,709)

Equity securities	$	13,172	(709)	$	0	0	$	13,172	(709)

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

Additional information regarding investments in an unrealized loss position is as follows:

	Less than 12 months	12 months or longer	Total
As of June 30, 2014
Fixed maturities	4	6	10
Equity securities	3	0	3
As of December 31, 2013
Fixed maturities	30	5	35
Equity securities	0	0	0

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 Condensed Consolidated Statements of Operations:

		Three Months Ended
		June 30,
		2014		2013

Other than temporary impairments:
Real estate	$	0	$	0

		Six Months Ended
		June 30,
		2014		2013

Other than temporary impairments:
Real estate	$	0	$	26,926

Trading revenue charged to investment

Trading revenue charged to net investment income from trading securities was:

		Three Months Ended
		June 30,
		2014		2013

Net unrealized gains (losses)	$	(245,029)	$	346,889
Net realized gains (losses)		150,365		129,591
Net unrealized and realized gains (losses)	$	(94,664)	$	476,480

		Six Months Ended
		June 30,
		2014		2013

Net unrealized gains (losses)	$	15,622	$	49,545
Net realized gains (losses)		171,538		215,862
Net unrealized and realized gains (losses)	$	187,160	$	265,407

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments.

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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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