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INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2015
INVESTMENTS [Abstract]  
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, 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
 
$
20,336,681
  
$
1,441,890
  
$
(32,083
)
 
$
21,746,488
 
U.S. special revenue and assessments
  
1,137,546
   
7,843
   
(2,550
)
  
1,142,839
 
All other corporate bonds
  
167,173,444
   
3,762,156
   
(8,705,830
)
  
162,229,770
 
   
188,647,671
   
5,211,889
   
(8,740,463
)
  
185,119,097
 
Equity securities
  
43,954,737
   
2,119,205
   
(388,602
)
  
45,685,340
 
Total
 
$
232,602,408
  
$
7,331,094
  
$
(9,129,065
)
 
$
230,804,437
 

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 following table provides a summary of fixed maturities by contractual maturity as of  December 31, 2015. Actual maturities could differ from contractual maturities due to call or prepayment provisions:

Fixed Maturities Available for Sale
December 31, 2015
 
Amortized
Cost
  
Estimated
Fair Value
 
       
Due in one year or less
 
$
3,961,534
  
$
4,000,512
 
Due after one year through five years
  
23,444,519
   
24,343,844
 
Due after five years through ten years
  
64,352,687
   
62,094,221
 
Due after ten years
  
96,888,931
   
94,680,520
 
Total
 
$
188,647,671
  
$
185,119,097
 
Fair value of investments with sustained gross unrealized losses
The fair value of investments with sustained gross unrealized losses at December 31, 2015 and 2014 are as follows:

December 31, 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
 
$
4,966,210
 
(32,083)
 
$
0
 
0
 
$
4,966,210
 
(32,083)
U.S. special revenue and assessments
  
984,770
 
(2,550)
  
0
 
0
  
984,770
 
(2,550)
All other corporate bonds
  
85,734,097
 
(5,255,276)
  
19,400,640
 
(3,450,554)
  
105,134,737
 
(8,705,830)
Total fixed maturities
 
$
91,685,077
 
(5,289,909)
 
$
19,400,640
 
(3,450,554)
 
$
111,085,717
 
(8,740,463)
                
Equity securities
 
$
4,741,132
 
(388,602)
 
$
0
 
0
 
$
4,741,132
 
(388,602)

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

 
2015
 
2014
 
     
Net unrealized gains (losses)
 
$
945,128
  
$
(722,573
)
Net realized gains (losses)
  
(515,967
)
  
245,995
 
Net unrealized and realized gains (losses)
 
$
429,161
  
$
(476,578
)
Loan payment performance since inception
During 2015 and 2014, the maximum and minimum lending rates for mortgage loans were:

 
2015
 
2014
 
Maximum
rate
 
Minimum
rate
 
Maximum
rate
 
Minimum
rate
        
Commercial Loans
8.00 %
 
4.00 %
 
10.00 %
 
3.91 %
Residential Loans
8.00 %
 
3.00 %
 
8.00 %
 
7.00 %
Discounted mortgage holdings
The following table summarizes the number of loans held in the discounted mortgage loan portfolio and the carrying value of the loans as of December 31, 2015:

 
Payment Frequency
 
Number of Loans
  
Carrying
Value
 
       
No payments received
  
8
  
$
0
 
One-time payment received
  
1
   
0
 
Irregular payments received
  
2
   
20,834
 
Periodic payments received
  
7
   
5,347,215
 
Total
  
18
  
$
5,368,049
 
 
 
The following table summarizes the mortgage loan holdings of the Company for the periods ended December 31:
Schedule of net investment income
The following table reflects the Company's net investment income for the periods ended December 31:

  
2015
  
2014
 
       
Fixed maturities
 
$
8,559,938
  
$
8,225,640
 
Equity securities
  
1,708,786
   
3,255,611
 
Trading securities
  
(429,161
)
  
(476,578
)
Mortgage loans
  
5,700,492
   
4,592,853
 
Real estate
  
1,474,726
   
8,355,153
 
Notes receivable
  
787,658
   
340,000
 
Policy loans
  
720,544
   
760,715
 
Cash and cash equivalents
  
681
   
505
 
Short-term
  
699,357
   
70,578
 
Total consolidated investment income
  
19,223,021
   
25,124,477
 
Investment expenses
  
(3,663,086
)
  
(8,774,758
)
Consolidated net investment income
 
$
15,559,935
  
$
16,349,719
 
Net realized investment gains losses
The following table reflects the Company's net realized investments gains and losses for the periods ended December 31:

2015
 
Gross
Realized
Gains
 
Gross
Realized
(Losses)
 
Net
Realized
Gains (Losses)
       
Fixed maturities
 
$
1,289,455
 
$
(41,215)
 
$
1,248,240
Real estate
  
5,968,558
  
0
  
5,968,558
Common stock
  
48,165
  
(238,794)
  
(190,629)
Preferred stock
  
  971,662
  
(637)
  
971,025
Real estate – OTTI
  
0
  
(54,901)
  
(54,901)
Common stock – OTTI
  
0
  
(3,515,700)
  
(3,515,700)
Total realized gains (losses)
 
$
8,277,840
 
$
(3,851,247)
 
$
4,426,593

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
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:

  
2015
  
2014
 
       
Other than temporary impairments:
      
Common stock
 
$
3,515,700
  
$
126,959
 
Real estate
  
54,901
   
35,946
 
Total other than temporary impairments
 
$
3,570,601
  
$
162,905