INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2015

INVESTMENTS [Abstract]

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

Investments in available for sale securities are summarized as follows:

September 30, 2015		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	$	21,630,407	$	1,748,014	$	0	$	23,378,421
U.S. special revenue and assessments		1,137,586		17,183		0		1,154,769
All other corporate bonds		164,136,235		5,307,464		(4,611,302)		164,832,397
		186,904,228		7,072,661		(4,611,302)		189,365,587
Equity securities		45,685,240		2,533,442		(2,713,172)		45,505,510
Total	$	232,589,468	$	9,606,103	$	(7,324,474)	$	234,871,097

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

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

The amortized cost and estimated market value of debt securities at September 30, 2015, 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 September 30, 2015		Amortized Cost		Estimated Fair Value
Due in one year or less	$	5,533,578	$	5,620,065
Due after one year through five years		17,369,656		18,034,669
Due after five years through ten years		67,233,935		69,059,025
Due after ten years		96,767,059		96,651,828
Total	$	186,904,228	$	189,365,587

Fair value of investments with sustained gross unrealized losses

The fair value of investments with sustained gross unrealized losses at September 30, 2015 and December 31, 2014 are as follows:

September 30, 2015		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	$	0	0	$	0	0
U.S. Special Revenue and Assessments		0	0		0	0		0	0
All other corporate bonds		59,290,095	(2,877,049)		14,561,519	(1,734,253)		73,851,614	(4,611,302)
Total fixed maturities	$	59,290,095	(2,877,049)	$	14,561,519	(1,734,253)	$	73,851,614	(4,611,302)
Equity securities	$	6,341,069	(2,199,739)	$	2,782,665	(513,433)	$	9,123,734	(2,713,172)

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)

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

	Less than 12 months	12 months or longer	Total
As of September 30, 2015
Fixed maturities	37	5	42
Equity securities	8	9	17
As of December 31, 2014
Fixed maturities	18	7	25
Equity securities	25	0	25

Trading revenue charged to investment

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

		Three Months Ended
		September 30,
		2015		2014
Net unrealized gains (losses)	$	55,140	$	(87,272)
Net realized gains (losses)		0		120,296
Net unrealized and realized gains (losses)	$	55,140	$	33,024

		Nine Months Ended
		September 30,
		2015		2014
Net unrealized gains (losses)	$	(964,122)	$	(71,650)
Net realized gains (losses)		515,967		291,834
Net unrealized and realized gains (losses)	$	(448,155)	$	220,184