INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2016

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:

June 30, 2016		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	$	19,056,637	$	1,585,358	$	-	$	20,641,995
U.S. special revenue and assessments		1,137,465		18,864		-		1,156,329
All other corporate bonds		153,399,588		17,714,583		(1,065,280)		170,048,891
		173,593,690		19,318,805		(1,065,280)		191,847,215
Equity securities		44,247,930		11,058,428		(938,585)		54,367,773
Total	$	217,841,620	$	30,377,233	$	(2,003,865)	$	246,214,988

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

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, 2016, 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, 2016		Amortized Cost		Estimated Fair Value
Due in one year or less	$	2,527,870	$	2,589,157
Due after one year through five years		22,721,141		24,073,765
Due after five years through ten years		54,643,263		62,833,387
Due after ten years		93,701,416		102,350,906
Total	$	173,593,690	$	191,847,215

Fair value of investments with sustained gross unrealized losses

The fair value of investments with sustained gross unrealized losses at June 30, 2016 and December 31, 2015 are as follows:

June 30, 2016		Less than 12 months			12 months or longer			Total
		Fair value	Unrealized losses		Fair value	Unrealized losses		Fair value	Unrealized losses
All other corporate bonds		13,681,500	(668,105)		13,280,629	(397,175)		26,962,129	(1,065,280)
Total fixed maturities	$	13,681,500	(668,105)	$	13,280,629	(397,175)	$	26,962,129	(1,065,280)
Equity securities	$	16,418,159	(938,585)	$	-	-	$	16,418,159	(938,585)

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)	$	-	-	$	4,966,210	(32,083)
U.S. special revenue and assessments		984,770	(2,550)		-	-		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)	$	-	-	$	4,741,132	(388,602)

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, 2016
Fixed maturities	3	8	11
Equity securities	6	-	6
As of December 31, 2015
Fixed maturities	40	9	49
Equity securities	9	-	9

Trading revenue charged to investment

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

		Three Months Ended
		June 30,
		2016		2015
Net unrealized gains (losses)	$	24,938	$	71,632
Net realized gains (losses)		-		(92,310)
Net unrealized and realized gains (losses)	$	24,938	$	(20,678)

		Six Months Ended
		June 30,
		2016		2015
Net unrealized gains (losses)	$	39,477	$	1,019,262
Net realized gains (losses)		-		(515,967)
Net unrealized and realized gains (losses)	$	39,477	$	503,295

Maximum and minimum lending rates for mortgage loans

During 2016 and 2015, the maximum and minimum lending rates for mortgage loans were:

	2016		2015
	Maximum rate	Minimum rate	Maximum rate	Minimum rate
Commercial Loans	8.50%	3.94%	8.00%	4.00%
Residential Loans	8.00%	3.00%	8.00%	3.00%

Summary of number and carrying value of loans held in discounted mortgage loan portfolio

The following table summarizes the number of loans held in the discounted mortgage loan portfolio and the carrying value of the loans:

June 30, 2016 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	6		5,123,277
Total	17	$	5,144,111

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

Summary of mortgage loan holdings

The following table summarizes the mortgage loan holdings of the Company:

		June 30, 2016		December 31, 2015
In good standing	$	16,399,487	$	14,701,228
Overdue interest over 90 days		20,834		20,834
Restructured		66,827		126,118
In process of foreclosure		2,892,401		2,921,750
Total mortgage loans	$	19,379,549	$	17,769,930
Total foreclosed loans during the year	$	-	$	-