Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

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, 2019.

	Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	35,767,435	$	139,812,089	$	422,927	$	176,002,451
Equity Securities		29,232,731		14,328,980		33,378,263		76,939,974
Total	$	65,000,166	$	154,141,069	$	33,801,190	$	252,942,425

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, 2018.

	Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	25,660,194	$	134,865,746	$	434,844	$	160,960,784
Equity Securities		27,634,283		10,557,031		29,473,168		67,664,482
Total	$	53,294,477	$	145,422,777	$	29,908,012	$	228,625,266

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			Total
Balance at December 31, 2018	$	434,844		$	29,473,168		$	29,908,012
Total unrealized gain or (losses):
Included in net income (loss)		-			5,937,050			5,937,050
Included in other comprehensive income		-			-			-
Purchases		-			275,720			275,720
Sales		(11,917	)		(2,307,675	)		(2,319,592	)
Balance at September 30, 2019	$	422,927		$	33,378,263		$	33,801,190

		September 30, 2019				December 31, 2018
Change in fair value of equity securities included in net income (loss) relating to assets held		$	5,937,050			$	4,633,751

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, 2019				December 31, 2018
Assets	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Equity securities	$	11,289,805	$	11,289,805	$	12,118,617	$	12,118,617
Mortgage loans on real estate		8,526,598		8,526,598		9,069,111		9,069,111
Investment real estate		45,796,423		45,796,423		52,518,577		52,518,577
Notes receivable		27,953,110		27,953,110		23,717,312		23,717,312
Policy loans		8,853,633		8,853,633		9,204,222		9,204,222
Cash and cash equivalents		25,728,799		25,728,799		20,150,162		20,150,162