Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2018.

		Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	12,392,008	$	149,215,671	$	434,844	$	162,042,523
Equity Securities		38,683,164		10,407,300		40,504,106		89,594,570
Total	$	51,075,172	$	159,622,971	$	40,938,950	$	251,637,093

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		4,258,287		4,258,287
Included in other comprehensive income		0		0		0
Purchases		0		6,127,750		6,127,750
Sales		(43,545)		(537,762)		(581,307)
Balance at September 30, 2018	$	434,844	$	40,504,106	$	40,938,950

(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.

		September 30, 2018			December 31, 2017
Change in fair value of equity securities included in net income (loss) relating to assets held	$	4,258,287		$	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.

	September 30, 2018				December 31, 2017
Assets		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Mortgage loans on real estate	$	12,938,166	$	12,938,166	$	17,314,477	$	17,314,477
Investment real estate		48,634,135		48,634,135		50,504,550		50,504,550
Notes receivable		20,444,752		20,444,752		19,004,016		19,004,016
Policy loans		9,381,104		9,381,104		9,559,142		9,559,142
Cash and cash equivalents		25,906,410		25,906,410		25,434,199		25,434,199
Short term investments		5,435,076		5,435,076		0		0