Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used as of December 31:

2020	Level 1			Level 2		Level 3		Net Asset Value		Total
Financial assets:
Fixed maturities available for sale:
U.S. Government and government agencies and authorities	$	37,472,534		$	0	$	0	$	0	$	37,472,534
U.S. special revenue and assessments		0			12,939,144		0		0		12,939,144
Corporate securities		0			115,368,319		0		0		115,368,319
Total fixed maturities		37,472,534			128,307,463		0		0		165,779,997
Equity securities:
Common stocks		28,477,005			15,922,869		3,161,120		30,496,625		78,057,619
Preferred stocks		0			17,568		0		0		17,568
Total equity securities		28,477,005			15,940,437		3,161,120		30,496,625		78,075,187
Total financial assets	$	65,949,539		$	144,247,900	$	3,161,120	$	30,496,625	$	243,855,184

Liabilities
Trading Securities	$	(12,219	)	$	0	$	0	$	0	$	(12,219	)

2019	Level 1		Level 2		Level 3		Net Asset Value		Total
Financial assets:
Fixed maturities available for sale:	$	36,128,743	$	0	$	0	$	0	$	36,128,743
U.S. Government and government agencies and authorities		0		15,203,363		0		0		15,203,363
U.S. special revenue and assessments		0		120,297,267		0		0		120,297,267
Corporate securities		36,128,743		135,500,630		0		0		171,629,373
Total fixed maturities
Common stocks		29,888,281		14,258,750		10,274,810		24,239,952		78,661,793
Total equity securities		29,888,281		14,258,750		10,274,810		24,239,952		78,661,793
Total financial assets	$	66,017,024	$	149,759,380	$	10,274,810	$	24,239,952	$	250,291,166

Liabilities
Trading Securities	$	0	$	0	$	0	$	0	$	0

Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis

The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities.

	Equity Securities, Fair Value			Equity Securities, Net Asset Value			Total
Balance at December 31, 2019	$	10,274,810		$	24,239,952		$	34,514,762
Realized gains (losses)		2,499,653			0			2,499,653
Unrealized gains (losses)		1,053,688			4,506,736			5,560,424
Purchases		2,107,432			1,782,842			3,890,274
Sales		(12,774,463	)		(32,905	)		(12,807,368	)
Balance at December 31, 2020	$	3,161,120		$	30,496,625		$	33,657,745

Quantitative Information About Level 3 Fair Value Measurements

The following table presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and include only those instrument for which information about the inputs is reasonably available to the Company, such as data from independent third-party valuation service providers and from internal valuation models.

Financial Assets		Fair Value at December 31, 2020		Fair Value at December 31, 2019	Valuation Technique
Common stocks	$	30,496,625	$	24,239,952	Net Asset Value
Common stocks		3,161,120		10,274,810	Pricing Model
Total	$	33,657,745	$	34,514,762

Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share

Investment Category		Fair Value at December 31, 2020		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Common stocks
Growth equity
Redeemable	$	21,713,727	$	0	Quarterly	45 days
Non-redeemable		8,782,898		6,856,072	n/a	n/a
Total	$	30,496,625	$	6,856,072

Investment Category		Fair Value at December 31, 2019		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Common stocks
Growth equity
Redeemable	$	21,270,734	$	0	Quarterly	45 days
Non-redeemable		2,969,218		163,750	n/a	n/a
Total	$	24,239,952	$	163,750

Carrying Values and Estimated Fair Values of Financial Instruments not Recorded at Fair Value

The following table presents the carrying amount and estimated fair values of the Company’s financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used as of December 31:

2020	Carrying Amount		Estimated FairValue		Level 1		Level 2		Level 3
Common stock, at cost	$	5,860,000	$	5,860,000	$	0	$	0	$	5,860,000
Preferred stock, at cost		8,529,189		8,529,189		0		0		8,529,189
Mortgage loans on real estate		20,802,365		20,802,365		0		0		20,802,365
Investment real estate		38,086,391		82,689,332		0		0		82,689,332
Notes receivable		17,682,296		17,709,894		0		0		17,709,894
Policy loans		8,590,524		8,590,524		0		0		8,590,524

2019	Carrying Amount		Estimated FairValue		Level 1		Level 2		Level 3
Common stock, at cost	$	7,875,145	$	7,875,145	$	0	$	0	$	7,875,145
Preferred stock, at cost		3,044,102		3,044,102		0		0		3,044,102
Mortgage loans on real estate		8,223,286		7,531,094		0		0		7,531,094
Investment real estate		44,344,236		88,483,424		0		0		88,483,424
Notes receivable		19,487,458		19,332,472		0		0		19,332,472
Policy loans		8,803,876		8,803,876		0		0		8,803,876