Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020.

		Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	46,549,326	$	127,154,110	$	-	$	173,703,436
Equity Securities		15,953,666		12,244,456		23,261,802		51,459,924
Total	$	62,502,992	$	139,398,566	$	23,261,802	$	225,163,360

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, 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

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, 2019	$	-	$	34,514,762	$	34,514,762
Total unrealized gain or (losses):
Included in net income (loss)		-		(2,296,374)		(2,296,374)
Included in other comprehensive income		-		-		-
Purchases		-		1,331,382		1,331,382
Sales		-		(10,287,968)		(10,287,968)
Balance at March 31, 2020	$	-	$	23,261,802	$	23,261,802

		March 31, 2020			December 31, 2019
Change in fair value of equity securities included in net income (loss) relating to assets held	$	(2,296,374)		$	6,461,670

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, 2020				December 31, 2019
Assets		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Equity securities	$	10,417,247	$	10,417,247	$	10,919,247	$	10,919,247
Mortgage loans on real estate		9,099,364		9,099,364		8,223,286		8,223,286
Investment real estate		43,087,742		43,087,742		44,344,236		44,344,236
Notes receivable		20,798,050		20,798,050		19,487,458		19,487,458
Policy loans		8,732,681		8,732,681		8,803,876		8,803,876
Short term investments		15,388,646		15,388,646		10,442,173		10,442,173
Cash and cash equivalents		26,431,046		26,431,046		28,787,629		28,787,629