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Investments (Tables)
 6 Months Ended
Jun. 30, 2024
Investments [Abstract]  
Available for Sale Securities
Investments in fixed maturity securities are summarized by type as follows:

June 30, 2024
  
Original or Amortized Cost
    
Gross Unrealized Gains
    
Gross Unrealized Losses
    
Fair Value
  
U.S. Government and govt. agencies and authorities
  
$
14,315,878
    
$
0
    
$
(718,083
)
  
$
13,597,795
  
U.S. special revenue and assessments
    
7,525,907
      
0
      
(345,583
)
    
7,180,324
  
All other corporate bonds
    
82,616,548
      
37,317
      
(7,351,301
)
    
75,302,564
  
Total fixed maturities, available for sale
    
104,458,333
      
37,317
      
(8,414,967
)
    
96,080,683
  
Redeemable preferred stock
    
2,500,000
      
0
      
0
      
2,500,000
  
Total
  
$
106,958,333
    
$
37,317
    
$
(8,414,967
)
  
$
98,580,683
  

December 31, 2023
  
Original or Amortized Cost
    
Gross Unrealized Gains
    
Gross Unrealized Losses
    
Fair Value
  
U.S. Government and govt. agencies and authorities
  
$
14,316,976
    
$
0
    
$
(729,197
)
  
$
13,587,779
  
U.S. special revenue and assessments
    
7,528,985
      
0
      
(220,527
)
    
7,308,458
  
All other corporate bonds
    
87,708,777
      
89,004
      
(5,284,182
)
    
82,513,599
  
Total fixed maturities, available for sale
    
109,554,738
      
89,004
      
(6,233,906
)
    
103,409,836
  
Redeemable preferred stock
    
2,500,000
      
0
      
0
      
2,500,000
  
Total
  
$
112,054,738
    
$
89,004
    
$
(6,233,906
)
  
$
105,909,836
  
Debt Securities by Contractual Maturity
The amortized cost and estimated market value of fixed maturity securities at June 30, 2024, by contractual maturity, is shown below.

Fixed Maturity Securities
June 30, 2024
  
Amortized Cost
    
Fair Value
  
Due in one year or less
  
$
9,057,941
    
$
8,986,940
  
Due after one year through five years
    
43,617,942
      
41,844,703
  
Due after five years through ten years
    
5,387,968
      
5,343,825
  
Due after ten years
    
21,768,156
      
19,210,935
  
Fixed maturities with no single maturity date
    
27,126,326
      
23,194,280
  
Total
  
$
106,958,333
    
$
98,580,683
  
Estimated Fair Value and Gross Unrealized Losses of Fixed Maturity Securities in Unrealized Loss Position
The following tables present the estimated fair value and gross unrealized losses of fixed maturity securities in an unrealized loss position:

June 30, 2024
  
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
  
$
495,371
      
(2,480
)
    
13,102,424
    
$
(715,603
)
    
13,597,795
    
$
(718,083
)
U.S. Special Revenue and Assessments
    
0
      
0
      
7,180,324
      
(345,583
)
    
7,180,324
      
(345,583
)
All other corporate bonds
    
5,918,474
      
(53,403
)
    
66,654,610
      
(7,297,898
)
    
72,573,084
      
(7,351,301
)
Total fixed maturities
  
$
6,413,845
      
(55,883
)
    
86,937,358
      
(8,359,084
)
    
93,351,203
    
$
(8,414,967
)

December 31, 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
  
$
1,497,390
      
(3,696
)
    
12,090,389
      
(725,501
)
    
13,587,779
    
$
(729,197
)
U.S. special revenue and assessments
    
0
      
0
      
7,308,458
      
(220,527
)
    
7,308,458
      
(220,527
)
All other corporate bonds
    
544,610
      
(2,319
)
    
73,678,567
      
(5,281,863
)
    
74,223,177
      
(5,284,182
)
Total fixed maturities
  
$
2,042,000
      
(6,015
)
    
93,077,414
      
(6,227,891
)
    
95,119,414
    
$
(6,233,906
)
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 June 30, 2024
                  
Fixed maturities
    
5
      
45
      
50
  
As of December 31, 2023
                        
Fixed maturities
    
2
      
45
      
47
  
Net Unrealized Losses Included in Other Comprehensive Income (Loss)
Net unrealized losses included in other comprehensive income (loss) for investments classified as available-for-sale, net of the effect of deferred income taxes, assuming that the depreciation had been realized as of  June 30, 2024 and December 31, 2023:

  
June 30, 2024
    
December 31, 2023
  
Unrealized appreciation (depreciation) on available-for-sale securities
  
$
(8,377,650
)
  
$
(6,180,148
)
Deferred income taxes
    
1,759,307
      
1,297,831
  
Net unrealized appreciation (depreciation) on available-for-sale securities
  
$
(6,618,343
)
  
$
(4,882,317
)
Maximum and Minimum Lending Rates for Mortgage Loan
During 2024 and 2023, the maximum and minimum lending rates for mortgage loans were:

  
2024
    
2023
  
   
Maximum rate
    
Minimum rate
    
Maximum rate
    
Minimum rate
  
Farm Loans
    
5.00
%
    
5.00
%
    
5.00
%
    
5.00
%
Commercial Loans
    
10.00
%
    
4.00
%
    
8.75
%
    
4.00
%
Residential Loans
    
5.00
%
    
4.15
%
    
5.00
%
    
4.15
%
Summary of Mortgage Loans Holdings
The following table summarizes the mortgage loan holdings of the Company:

 
June 30, 2024
  
December 31, 2023
In good standing
$
15,632,978
  
$
15,318,176
Total mortgage loans
$
15,632,978
  
$
15,318,176
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:

  
June 30, 2024
    
December 31, 2023
  
Farm
  
$
326,385
    
$
332,417
  
Commercial
    
14,068,452
      
13,764,209
  
Residential
    
1,469,141
      
1,495,550
  
Total mortgage loans
    
15,863,978
      
15,592,176
  
Less allowance for credit losses
    
(231,000
)
    
(274,000
)
Total mortgage loans, net
  
$
15,632,978
    
$
15,318,176
  
Notes Receivables
The following is a summary of the notes receivable outstanding and the related allowance for credit losses:

  
June 30, 2024
    
December 31, 2023
  
Notes receivable
  
$
14,304,559
    
$
14,259,225
  
Less allowance for credit losses
    
(208,000
)
    
(250,000
)
Total notes receivable, net
  
$
14,096,559
    
$
14,009,225
  
Investment Real Estate by Type
The following table provides an allocation of the Company’s investment real estate by type:

  
June 30, 2024
    
December 31, 2023
  
Raw land
  
$
17,165,537
    
$
6,971,930
  
Commercial
    
4,438,091
      
4,106,938
  
Residential
    
1,949,708
      
3,512,408
  
Land, minerals and royalty interests
    
6,691,089
      
7,383,844
  
Total investment real estate
  
$
30,244,425
    
$
21,975,120
  
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 on available-for-sale investments. 

  
Three Months Ended
    
Six Months Ended
  
   
June 30,
    
June 30,
  
   
2024
    
2023
    
2024
    
2023
  
Realized gains:
                        
Sales of fixed maturities
  
$
0
    
$
25,000
    
$
0
    
$
45,833
  
Sales of equity securities
    
285,578
      
163,290
      
285,578
      
248,474
  
Sales of real estate
    
128,559
      
138,986
      
166,020
      
725,760
  
Sales of short-term investments
    
0
      
0
      
0
      
23,509
  
Total realized gains
    
414,137
      
327,276
      
451,598
      
1,043,576
  
Realized losses:
                                
Sales of equity securities
    
0
      
(7,966
)
    
0
      
(7,966
)
Sales of short-term investments
    
(17
)
    
0
      
(8
)
    
0
  
Total realized losses
    
(17
)
    
(7,966
)
    
(8
)
    
(7,966
)
      Net realized investment gains
    
414,120
      
319,310
      
451,590
      
1,035,610
  
Change in fair value of equity securities:
                                
Change in fair value of equity securities held at the end of the period
    
6,848,994
      
1,459,478
      
18,869,400
      
(7,185,996
)
Change in fair value of equity securities
    
6,848,994
      
1,459,478
      
18,869,400
      
(7,185,996
)
Net investment gains (losses)
  
$
7,263,114
    
$
1,778,788
    
$
19,320,990
    
$
(6,150,386
)
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income:
                                
Fixed maturities
  
$
(761,765
)
  
$
(1,725,615
)
  
$
(2,204,904
)
  
$
1,084,884
  
Net increase (decrease)
  
$
(761,765
)
  
$
(1,725,615
)
  
$
(2,204,904
)
  
$
1,084,884