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Investments (Tables)
 9 Months Ended
Sep. 30, 2023
Investments [Abstract]  
Available for Sale Securities
Investments in available for sale securities are summarized as follows:

September 30, 2023
  
Original or Amortized Cost
    
Gross Unrealized Gains
    
Gross Unrealized Losses
    
Fair Value
  
Investments available for sale:
                        
Fixed maturities
                        
U.S. Government and govt. agencies and authorities
  
$
16,317,458
    
$
0
    
$
(1,044,198
)
  
$
15,273,260
  
U.S. special revenue and assessments
    
7,530,519
      
0
      
(487,454
)
    
7,043,065
  
All other corporate bonds
    
89,360,347
      
37,216
      
(10,039,776
)
    
79,357,787
  
   
$
113,208,324
    
$
37,216
    
$
(11,571,428
)
  
$
101,674,112
  

December 31, 2022
  
Original or Amortized Cost
    
Gross Unrealized Gains
    
Gross Unrealized Losses
    
Fair Value
  
Investments available for sale:
                        
Fixed maturities
                        
U.S. Government and govt. agencies and authorities
  
$
18,315,321
    
$
0
    
$
(1,104,146
)
  
$
17,211,175
  
U.S. special revenue and assessments
    
7,535,018
      
0
      
(335,918
)
    
7,199,100
  
All other corporate bonds
    
91,429,481
      
65,529
      
(7,592,226
)
    
83,902,784
  
   
$
117,279,820
    
$
65,529
    
$
(9,032,290
)
  
$
108,313,059
  
Debt Securities by Contractual Maturity
The amortized cost and estimated market value of debt securities at September 30, 2023, by contractual maturity, is shown below.  Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Fixed Maturities Available for Sale
September 30, 2023
  
Amortized Cost
    
Fair Value
  
Due in one year or less
  
$
8,499,821
    
$
8,429,455
  
Due after one year through five years
    
51,497,869
      
48,657,990
  
Due after five years through ten years
    
4,182,082
      
3,988,524
  
Due after ten years
    
21,892,608
      
18,524,135
  
Fixed maturities with no single maturity date
    
27,135,944
      
22,074,008
  
Total
  
$
113,208,324
    
$
101,674,112
  
Fair Value of Investments with Sustained Gross Unrealized Losses
The fair value of investments with sustained gross unrealized losses are as follows:

September 30, 2023
  
Less than 12 months
    
12 months or longer
    
Total
  
   
Fair value
    
Unrealized losses
    
Fair value
    
Unrealized losses
    
Fair value
    
Unrealized losses
  
U.S. Government and govt. agencies and authorities
  
$
1,476,590
      
(24,645
)
    
13,796,670
    
$
(1,019,553
)
    
15,273,260
    
$
(1,044,198
)
U.S. Special Revenue and Assessments
    
0
      
0
      
7,043,065
      
(487,454
)
    
7,043,065
      
(487,454
)
All other corporate bonds
    
7,585,524
      
(210,980
)
    
70,741,578
      
(9,828,796
)
    
78,327,102
      
(10,039,776
)
Total fixed maturities
  
$
9,062,114
      
(235,625
)
    
91,581,313
      
(11,335,803
)
    
100,643,427
    
$
(11,571,428
)

December 31, 2022
  
Less than 12 months
    
12 months or longer
    
Total
  
   
Fair value
    
Unrealized losses
    
Fair value
    
Unrealized losses
    
Fair value
    
Unrealized losses
  
U.S. Government and govt. agencies and authorities
  
$
17,211,175
      
(1,104,146
)
    
0
    
$
0
      
17,211,175
    
$
(1,104,146
)
U.S. special revenue and assessments
    
7,199,100
      
(335,918
)
    
0
      
0
      
7,199,100
      
(335,918
)
All other corporate bonds
    
80,144,564
      
(7,592,226
)
    
0
      
0
      
80,144,564
      
(7,592,226
)
Total fixed maturities
  
$
104,554,839
      
(9,032,290
)
    
0
    
$
0
      
104,554,839
    
$
(9,032,290
)
Securities in Continuous Unrealized Loss Position
Additional information regarding investments in an unrealized loss position is as follows:

  
Less than 12 months
    
12 months or longer
    
Total
  
As of September 30, 2023
                  
Fixed maturities
    
7
      
47
      
54
  
As of December 31, 2022
                        
Fixed maturities
    
57
      
0
      
57
  
Net Unrealized Losses Included in Other Comprehensive Income (Loss)
Net unrealized losses included in other comprehensive income (loss) for investments classifies as available-for-sale, net of the effect of deferred income taxes, assuming that the depreciation had been realized as of  September 30, 2023 and December 31, 2022:

  
September 30, 2023
    
December 31, 2022
  
Unrealized appreciation (depreciation) on available-for-sale securities
  
$
(11,534,212
)
  
$
(8,996,761
)
Deferred income taxes
    
2,422,185
      
1,889,320
  
Net unrealized appreciation (depreciation) on available-for-sale securities
  
$
(9,112,027
)
  
$
(7,107,441
)
Net Investment Gains (Losses) and Change in Net Unrealized Gains (Losses) on Investments
The following table presents net investment gains (losses) and the change in net unrealized gains (losses) on investments. 

  
Three Months Ended
    
Nine Months Ended
  
   
September 30,
    
September 30,
  
   
2023
    
2022
    
2023
    
2022
  
Realized gains:
                        
Sales of fixed maturities
  
$
12,500
    
$
0
    
$
58,333
    
$
4,683
  
Sales of equity securities
    
110,742
      
1,485,872
      
359,216
      
1,883,453
  
Sales of real estate
    
7,815,364
      
449,133
      
8,541,124
      
5,020,973
  
Sales of short-term investments
    
0
      
0
      
23,509
      
0
  
Total realized gains
    
7,938,606
      
1,935,005
      
8,982,182
      
6,909,109
  
Realized losses:
                                
Sales of fixed maturities
    
0
      
0
      
0
      
(5,210
)
Sales of equity securities
    
0
      
0
      
(7,966
)
    
(109,636
)
Sales of real estate
    
0
      
(34,547
)
    
0
      
(34,547
)
Sales of short-term investments
    
(374
)
    
0
      
(374
)
    
0
  
Total realized losses
    
(374
)
    
(34,547
)
    
(8,340
)
    
(149,393
)
Net realized investment gains (losses)
    
7,938,232
      
1,900,458
      
8,973,842
      
6,759,716
  
Change in fair value of equity securities:
                                
Change in fair value of equity securities held at the end of the period
    
(23,403
)
    
7,097,738
      
(7,209,399
)
    
14,462,029
  
Change in fair value of equity securities
    
(23,403
)
    
7,097,738
      
(7,209,399
)
    
14,462,029
  
Net investment gains (losses)
  
$
7,914,829
    
$
8,998,196
    
$
1,764,443
    
$
21,221,745
  
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income:
                                
Fixed maturities
  
$
(3,606,251
)
  
$
(7,122,856
)
  
$
(2,521,367
)
  
$
(23,436,431
)
Net increase (decrease)
  
$
(3,606,251
)
  
$
(7,122,856
)
  
$
(2,521,367
)
  
$
(23,436,431
)
Trading Revenue Charged to Investment Income from Trading Securities
Trading revenue charged to net investment income from trading securities was:

  
Three Months Ended
  
   
September 30,
  
   
2023
    
2022
  
Net unrealized gains (losses)
  
$
0
    
$
0
  
Net realized gains (losses)
    
0
      
0
  
Net unrealized and realized gains (losses)
  
$
0
    
$
0
  

 
Nine Months Ended
  
   
September 30,
  
   
2023
    
2022
  
Net unrealized gains (losses)
  
$
0
    
$
0
  
Net realized gains (losses)
    
0
      
(13,283
)
Net unrealized and realized gains (losses)
  
$
0
    
$
(13,283
)
Maximum and Minimum Lending Rates for Mortgage Loan
During 2023 and 2022, the maximum and minimum lending rates for the mortgage loan portfolio were:

  
2023
    
2022
  
   
Maximum rate
    
Minimum rate
    
Maximum rate
    
Minimum rate
  
Farm Loans
    
5.00
%
    
5.00
%
    
5.00
%
    
4.50
%
Commercial Loans
    
8.75
%
    
4.00
%
    
7.00
%
    
4.00
%
Residential Loans
    
5.00
%
    
4.15
%
    
5.00
%
    
4.15
%
Summary of Mortgage Loans Outstanding and Related Allowance for Credit Losses
The following is a summary of the mortgage loans outstanding and the related allowance for credit losses:

  
September 30, 2023
    
December 31, 2022
  
Farm
  
$
338,207
    
$
383,278
  
Commercial
    
14,610,583
      
30,102,775
  
Residential
    
206,897
      
212,641
  
Total mortgage loans
    
15,155,687
      
30,698,694
  
Less allowance for credit losses
    
(370,000
)
    
0
  
Total mortgage loans, net
  
$
14,785,687
    
$
30,698,694
  
Notes Receivables
The following is a summary of the notes receivable outstanding and the related allowance for credit losses:

  
September 30, 2023
    
December 31, 2022
  
Notes receivable
  
$
13,352,860
    
$
14,424,127
  
Less allowance for credit losses
    
(170,000
)
    
0
  
Total notes receivable, net
  
$
13,182,860
    
$
14,424,127
  
Investment Real Estate by Type
The following table provides an allocation of the Company’s investment real estate by type:

  
September 30, 2023
    
December 31, 2022
  
Raw land
  
$
7,471,926
    
$
11,634,472
  
Commercial
    
5,847,661
      
5,124,847
  
Residential
    
4,738,882
      
3,402,502
  
Land, minerals and royalty interests
    
13,550,749
      
14,772,531
  
Total investment real estate
  
$
31,609,218
    
$
34,934,352