Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 consolidated balance sheet on a recurring basis as of December 31, 2019.

	Level 1		Level 2		Level 3		Total

Assets
Fixed Maturities, available for sale	$	36,128,743	$	135,500,630	$	-	$	171,629,373
Equity Securities		29,888,281		14,258,750		34,514,762		78,661,793
Total	$	66,017,024	$	149,759,380	$	34,514,762	$	250,291,166

The following table presents the Company’s assets and liabilities measured at fair value in the 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
Transfers in to Level 3		-		-		-
Transfer out of Level 3		-		-		-
Total unrealized gain (losses):
Included in net income (loss)		-		6,461,670		6,461,670
Included in other comprehensive income		(422,927)		-		(422,927)
Purchases		-		1,038,220		1,038,220
Sales		(11,917)		(2,458,296)		(2,470,213)
Balance at December 31, 2019	$	-	$	34,514,762	$	34,514,762

		December 31, 2019		December 31, 2018
Change in fair value of equity securities included in net income (loss) relating to assets held	$	6,461,670	$	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.

	December 31, 2019				December 31, 2018
Assets	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Equity securities	$	10,919,247	$	10,919,247	$	12,118,617	$	12,118,617
Mortgage loans on real estate		8,223,286		8,223,286		9,069,111		9,069,111
Investment real estate		44,344,236		44,344,236		52,518,577		52,518,577
Notes receivable		19,487,458		19,487,458		23,717,312		23,717,312
Policy loans		8,803,876		8,803,876		9,204,222		9,204,222
Short-term investments		10,442,173		10,442,173		-		-
Cash and cash equivalents		28,787,629		28,787,629		20,150,162		20,150,162