Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Assets and Liabilities Measured at Fair Value on a 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, 2018.

	Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	7,513,764	$	171,226,675	$	463,874	$	179,204,313
Equity Securities		24,881,771		9,359,362		36,590,765		70,831,898
Total	$	32,395,535	$	180,586,037	$	37,054,639	$	250,036,211

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, 2017.

	Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	2,639,597	$	175,437,239	$	478,389	$	178,555,225
Equity Securities, available for sale (1)		20,436,225		7,756,435		30,655,831		58,848,491
Total	$	23,075,822	$	183,193,674	$	31,134,220	$	237,403,716

Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis

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 (1)			Total
Balance at December 31, 2017	$	478,389		$	30,655,831		$	31,134,220
Total unrealized gain or (losses):
Included in net income (loss)		0			778,984			778,984
Included in other comprehensive income		(14,515	)		0			(14,515	)
Purchases		0			5,259,250			5,259,250
Sales		0			(103,300	)		(103,300	)
Balance at March 31, 2018	$	463,874		$	36,590,765		$	37,054,639

(1)	Effective January 1, 2018, the Company adopted ASU No. 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. See Note 2 to the Condensed Consolidated Financial Statements for additional information.

		March 31, 2018				December 31, 2017
Change in fair value of equity securities included in net income (loss) relating to assets held		$	778,984			$	0

Carrying Values and Estimated Fair Values of Financial Instruments not Recorded at Fair Value

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, 2018				December 31, 2017
Assets	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Mortgage loans on real estate	$	15,310,336	$	15,310,336	$	17,314,477	$	17,314,477
Investment real estate		48,937,132		48,937,132		50,504,550		50,504,550
Notes receivable		18,440,090		18,440,090		19,004,016		19,004,016
Policy loans		9,597,632		9,597,632		9,559,142		9,559,142
Cash and cash equivalents		19,955,662		19,955,662		25,434,199		25,434,199