INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2014

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, 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	$	23,036,161	$	1,970,791	$	(50,184)	$	24,956,768
States, municipalities and political subdivisions		95,000		2,385		0		97,385
U.S. special revenue and assessments		1,137,702		13,739		(202,930)		948,511
Collateralized mortgage obligations		1,005,081		92,091		(6)		1,097,166
Public utilities		399,927		55,913		0		455,840
All other corporate bonds		162,960,493		8,624,486		(1,659,193)		169,925,786
		188,634,364		10,759,405		(1,912,313)		197,481,456
Equity securities		39,275,638		2,260,855		(540,491)		40,996,002
Total	$	227,910,002	$	13,020,260	$	(2,452,804)	$	238,477,458

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 following table provides a summary of fixed maturities by contractual maturity as of December 31, 2014. Actual maturities could differ from contractual maturities due to call or prepayment provisions:

Fixed Maturities Available for Sale December 31, 2014	Amortized Cost		Estimated Fair Value

Due in one year or less	$	2,723,893	$	2,787,390
Due after one year through five years		19,444,054		20,607,694
Due after five years through ten years		78,079,450		82,024,008
Due after ten years		87,381,886		90,965,199
Collateralized mortgage obligations		1,005,081		1,097,165
Total	$	188,634,364	$	197,481,456

Fair value of investments with sustained gross unrealized losses

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

December 31, 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	$	4,947,265	(50,184)	$	4,947,265	(50,184)
U.S. special revenue and assessments		0	0		784,390	(202,930)		784,390	(202,930)
Collateralized mortgage obligations		0	0		1,012	(6)		1,012	(6)
All other corporate bonds		28,954,477	(416,560)		3,535,206	(1,242,633)		32,489,683	(1,659,193)
Total fixed maturities	$	28,954,477	(416,560)	$	9,267,873	(1,495,753)	$	38,222,350	(1,912,313)

Equity securities	$	6,067,132	(540,491)	$	0	0	$	6,067,132	(540,491)

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

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, 2014
Fixed maturities	18	7	25
Equity securities	25	0	25
As of December 31, 2013
Fixed maturities	30	5	35
Equity securities	0	0	0

Trading revenue charged to investment

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

	2014		2013

Net unrealized gains (losses)	$	(722,573)	$	(36,876)
Net realized gains (losses)		245,995		35,932
Net unrealized and realized gains (losses)	$	(476,578)	$	(944)

Loan payment performance since inception

During 2014 and 2013, the maximum and minimum lending rates for mortgage loans were:

	2014		2013
	Maximum rate	Minimum rate	Maximum rate	Minimum rate

Commercial Loans	10.00 %	3.91 %	10.00 %	3.25 %
Residential Loans	8.00 %	7.00 %	8.00 %	7.00 %

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, 2014:

Payment Frequency	Number of Loans	Carrying Value

No payments received	8	$	0
One-time payment received	1		0
Irregular payments received	5		3,614,448
Periodic payments received	9		5,486,604
Total	23	$	9,101,052

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

	2014		2013

In good standing	$	1,267,524	$	1,493,437
Overdue interest over 90 days		3,130,290		4,875,812
Restructured		219,973		4,037,814
In process of foreclosure		4,483,265		2,423,672
Total discounted mortgage loans	$	9,101,052	$	12,830,735
Total foreclosed discounted mortgage loans during the year	$	56,576	$	6,294,403

Schedule of Net Investment Income

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

	2014		2013

Fixed maturities	$	8,225,640	$	8,060,930
Equity securities		3,255,611		2,955,918
Trading securities		(476,578)		(944)
Mortgage loans		925,862		888,960
Discounted mortgage loans		3,666,991		7,672,483
Real estate		8,695,153		9,967,590
Policy loans		760,715		782,358
Cash and cash equivalents		505		0
Short-term investments		70,578		1,060
Total consolidated investment income		25,124,477		30,328,355
Investment expenses		(8,774,758)		(8,064,520)
Consolidated net investment income	$	16,349,719	$	22,263,835

Net realized investment gains losses

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

2014	Gross Realized Gains		Gross Realized (Losses)		Net Realized Gains (Losses)

Fixed maturities	$	2,414,160	$	(1,135,417)	$	1,278,743
Real estate		14,757,451		(1,460,332)		13,297,119
Common stock		673,821		(14,908)		658,913
Preferred stock		1,986,303		0		1,986,303
Real estate – OTTI		0		(35,946)		(35,946)
Common stock – OTTI		0		(126,959)		(126,959)
Total realized gains (losses)	$	19,831,735	$	(2,773,562)	$	17,058,173

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

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:

	2014		2013

Other than temporary impairments:
Common stock	$	126,959	$	1,000,000
Real estate		35,946		201,775
Total other than temporary impairments	$	162,905	$	1,201,775