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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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:

2021	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	$	25,650,903		$	0	$	0	$	0	$	25,650,903
U.S. special revenue and assessments		0			8,523,535		0		0		8,523,535
Corporate securities		0			106,789,443		0		0		106,789,443
Total fixed maturities		25,650,903			115,312,978		0		0		140,963,881
Equity securities:
Common stocks		40,784,660			16,711,180		5,861,486		57,603,597		120,960,923
Preferred stocks		0			21,198		1,247,000		0		1,268,198
Total equity securities		40,784,660			16,732,378		7,108,486		57,603,597		122,229,121
Total financial assets	$	66,435,563		$	132,045,356	$	7,108,486	$	57,603,597	$	263,193,002

Liabilities
Trading Securities	$	(1,116	)	$	0	$	0	$	0	$	(1,116	)

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	)

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, 2020	$	3,161,120		$	30,496,625		$	33,657,745
Realized gains (losses)		851,307			0			851,307
Unrealized gains (losses)		(237,803	)		6,642,410			6,404,607
Purchases		4,185,169			20,542,073			24,727,242
Sales		(851,307	)		(77,511	)		(928,818	)
Balance at December 31, 2021	$	7,108,486		$	57,603,597		$	64,712,083

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, 2021		Fair Value at December 31, 2020	Valuation Technique
Common stocks	$	57,603,597	$	30,496,625	Net Asset Value
Common stocks		7,108,486		3,161,120	Pricing Model
Total	$	64,712,083	$	33,657,745

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

Investment Category		Fair Value at December 31, 2021		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Common stocks
Growth equity
Redeemable	$	28,546,227	$	0	Quarterly	45 days
Non-redeemable		29,057,370		5,288,967	n/a	n/a
Total	$	57,603,597	$	5,288,967

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

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:

2021	Carrying Amount		Estimated FairValue		Level 1		Level 2		Level 3
Assets
Common stock, at cost	$	5,860,000	$	5,860,000	$	0	$	0	$	5,860,000
Preferred stock, at cost		8,683,343		8,683,343		0		0		8,683,343
Mortgage loans on real estate		29,183,562		29,183,562		0		0		29,183,562
Investment real estate		39,748,261		96,463,112		0		0		96,463,112
Notes receivable		17,722,976		17,722,976		0		0		17,722,976
Policy loans		7,390,497		7,390,497		0		0		7,390,497
Liabilities
Notes payable		24,000,000		24,000,000		0		24,000,000		0

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