Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Financial assets and liabilities measured on recurring basis

The following table presents the Company’s assets and liabilities measured at fair value in the Condensed Consolidated Balance Sheet on a recurring basis as of March 31, 2017.

	Level 1		Level 2		Level 3		Total

Assets
Fixed Maturities, available for sale	$	11,016,357	$	176,202,621	$	2,840,703	$	190,059,681
Equity Securities, available for sale		19,224,731		7,002,697		28,502,109		54,729,537
Total	$	30,241,088	$	183,205,318	$	31,342,812	$	244,789,218

The following table presents the Company’s assets and liabilities measured at fair value in the Condensed Consolidated Balance Sheet on a recurring basis as of December 31, 2016.

	Level 1		Level 2		Level 3		Total

Assets
Fixed Maturities, available for sale	$	9,035,810	$	175,120,657	$	3,083,251	$	187,239,718
Equity Securities, available for sale		19,360,394		6,553,410		25,793,299		51,707,103
Trading Securities		2,500		-		-		2,500
Total	$	28,398,704	$	181,674,067	$	28,876,550	$	238,949,321

Liabilities
Trading Securities	$	1,439	$	-	$	-	$	1,439

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table provides reconciliations for Level 3 assets measured at fair value on a recurring basis. Transfers into and out of Level 3 are recognized as of the end of the quarter in which they occur.

	Fixed Maturities, Available for Sale			Equity Securities, Available for Sale			Total
Balance at December 31, 2016	$	3,083,251		$	25,793,299		$	28,876,550
Total unrealized gains (losses):
Included in realized gains (losses)		-			-			-
Included in other comprehensive income		371,539			957,215			1,328,754
Purchases		-			1,789,390			1,789,390
Sales		(614,087	)	$	(37,795	)	$	(651,882	)
Balance at March 31, 2017	$	2,840,703		$	28,502,109		$	31,342,812

Carrying values and estimated fair values of financial instruments

The carrying values and estimated fair values of certain of the Company's financial instruments not recorded at fair value in the Consolidated Balance Sheets are shown below. Because the fair value for all Consolidated Balance Sheet items are not required to be disclosed, the aggregate fair value amounts presented below are not reflective of the underlying value of the Company.

	March 31, 2017				December 31, 2016
Assets	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Mortgage loans on real estate	$	18,628,404	$	18,628,404	$	18,577,372	$	18,577,372
Investment real estate		56,162,114		56,162,114		57,138,980		57,138,980
Notes receivable		17,324,551		17,324,551		16,876,485		16,876,485
Policy loans		9,893,063		9,893,063		10,070,134		10,070,134
Cash and cash equivalents		11,440,096		11,440,096		15,156,548		15,156,548