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Investments (Tables)
 9 Months Ended
Sep. 30, 2019
Investments [Abstract]  
Available for Sale Securities
Investments in available for sale securities are summarized as follows:

September 30, 2019
 
Original or Amortized Cost
  
Gross Unrealized Gains
  
Gross Unrealized Losses
  
Fair Value
 
Investments available for sale:
            
Fixed maturities
            
U.S. Government and govt. agencies and authorities
 
$
35,283,800
  
$
483,968
  
$
(333
)
 
$
35,767,435
 
U.S. special revenue and assessments
  
14,376,048
   
1,002,030
   
(99
)
  
15,377,979
 
All other corporate bonds
  
113,632,040
   
11,224,997
   
-
   
124,857,037
 
  
$
163,291,888
  
$
12,710,995
  
$
(432
)
 
$
176,002,451
 

December 31, 2018
 
Original or Amortized Cost
  
Gross Unrealized Gains
  
Gross Unrealized Losses
  
Fair Value
 
Investments available for sale:
            
Fixed maturities
            
U.S. Government and govt. agencies and authorities
 
$
25,649,410
  
$
149,006
  
$
(138,222
)
 
$
25,660,194
 
U.S. special revenue and assessments
  
16,350,486
   
334,300
   
(4,406
)
  
16,680,380
 
All other corporate bonds
  
118,895,973
   
2,569,287
   
(2,845,050
)
  
118,620,210
 
  
$
160,895,869
  
$
3,052,593
  
$
(2,987,678
)
 
$
160,960,784
 
Debt Securities by Contractual Maturity
The amortized cost and estimated market value of debt securities at September 30, 2019, 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
September 30, 2019
 
Amortized Cost
  
Fair Value
 
Due in one year or less
 
$
2,500,083
  
$
2,499,750
 
Due after one year through five years
  
62,005,611
   
64,052,446
 
Due after five years through ten years
  
50,915,439
   
56,800,689
 
Due after ten years
  
47,870,755
   
52,649,566
 
Total
 
$
163,291,888
  
$
176,002,451
 
Fair Value of Investments with Sustained Gross Unrealized Losses
The fair value of investments with sustained gross unrealized losses at September 30, 2019 and December 31, 2018 are as follows:

September 30, 2019
 
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
 
$
-
   
-
   
2,499,750
   
(333
)
  
2,499,750
  
$
(333
)
U.S. special revenue and assessments
  
2,027,140
   (99)
  
-
   
-
   
2,027,140
   
(99)
 
Total fixed maturities
 
$
2,027,140
   
(99
)
  
2,499,750
   
(333
)
  
4,526,890
  
$
(432
)
                         

December 31, 2018
 
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
 
$
6,429,700
   
(49,904
)
  
1,592,679
   
(88,318
)
  
8,022,379
  
$
(138,222
)
U.S. special revenue and assessments
  
4,023,920
   
(4,406
)
  
-
   
-
   
4,023,920
   
(4,406
)
All other corporate bonds
  
49,270,729
   
(2,033,507
)
  
15,337,739
   
(811,543
)
  
64,608,468
   
(2,845,050
)
Total fixed maturities
 
$
59,724,349
   
(2,087,817
)
  
16,930,418
   
(899,861
)
  
76,654,767
  
$
(2,987,678
)
                         
Securities in Continuous Unrealized Loss Position
Additional information regarding investments in an unrealized loss position is as follows:

Less than 12 months
 
12 months or longer
 
Total
As of September 30, 2019
     
Fixed maturities
1
 
1
 
2
As of December 31, 2018
     
Fixed maturities
30
 
10
 
40
Net Investment Gains (Losses) and Change in Net Unrealized Gains on AFS Investments
The following table presents net investment gains (losses) and the change in net unrealized gains (losses) on available-for-sale investments. 

  
Three Months Ended
  
Nine Months Ended
 
  
September 30,
  
September 30,
 
  
2019
  
2018
  
2019
  
2018
 
Realized gains:
            
Sales of fixed maturities
 
$
-
  
$
11,018,711
  
$
116,690
  
$
11,392,373
 
Sales of equity securities
  
3,738,333
   
-
   
6,504,246
   
-
 
Sales of real estate
  
20,000
   
1,055,409
   
3,796,850
   
1,589,651
 
Other
  
-
   
-
   
-
   
-
 
Total realized gains
  
3,758,333
   
12,074,120
   
10,417,786
   
12,982,024
 
Realized losses:
                
Sales of fixed maturities
  
(30,795
)
  
-
   
(142,254
)
  
(258,458
)
Sales of equity securities
  
-
   
-
   
-
   
-
 
 Sales of real estate
  
-
   
-
   
-
   
-
 
 Other-than-temporary impairments
  
-
   
(300,000
)
  
-
   
(300,000
)
 Other
  
-
   
-
   
(132,518
)
  
-
 
Total realized losses
  
(30,795
)
  
(300,000
)
  
(274,772
)
  
(558,458
)
Net realized investment gains (losses)
  
3,727,538
   
11,774,120
   
10,143,014
   
12,423,566
 
Change in fair value of equity securities:
                
Change in fair value of equity securities held at the end of the period
  
(4,046,457
)
  
6,689,533
   
10,838,322
   
22,050,489
 
Change in fair value of equity securities
  
(4,046,457
)
  
6,689,533
   
10,838,322
   
22,050,489
 
Net investment gains (losses)
 
$
(318,919
)
 
$
18,463,653
  
$
20,981,336
  
$
34,474,055
 
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income:
                
Fixed maturities
 
$
3,184,769
  
$
1,244,302
  
$
12,044,690
  
$
(4,982,237
)
Equity securities
  
-
   
-
   
-
   
-
 
Net increase (decrease)
 
$
3,184,769
  
$
1,244,302
  
$
12,044,690
  
$
(4,982,237
)
Maximum and Minimum Lending Rates for Mortgage Loan
During 2019 and 2018, the maximum and minimum lending rates for mortgage loans were:

2019
 
2018
 
Maximum rate
 
Minimum rate
 
Maximum rate
 
Minimum rate
Farm Loans
5.00%
 
5.00%
 
5.00%
 
5.00%
Commercial Loans
7.50%
 
4.82%
 
7.50%
 
4.00%
Residential Loans
5.50%
 
5.50%
 
8.00%
 
8.00%
Mortgage Loan Holdings
The following table summarizes the mortgage loan holdings of the Company for the periods ended:

  
September 30, 2019
  
December 31, 2018
 
In good standing
 
$
6,695,892
  
$
7,169,272
 
Overdue interest over 90 days
  
1,830,706
   
1,899,839
 
Total mortgage loans
 
$
8,526,598
  
$
9,069,111