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Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Investments [Abstract]  
Investments in Fixed Maturity Securities
Investments in fixed maturity securities are summarized by type as follows for the years ended December 31:

2023
  
Original or Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Estimated
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
  
Redeemable preferred stock
    
2,500,000
      
0
      
0
      
2,500,000
  
Total
  
$
112,054,738
    
$
89,004
    
$
(6,233,906
)
  
$
105,909,836
  

2022 (1)
  
Original or Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Estimated
Fair
Value
  
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
  
Redeemable preferred stock
    
2,500,000
      
0
      
0
      
2,500,000
  
Total
  
$
119,779,820
    
$
65,529
    
$
(9,032,290
)
  
$
110,813,059
  

(1)          The Company has elected to reclassify certain investments to conform with the presentation for the year ended December 31, 2023. These reclassifications had no impact on previously reported net income.
Fixed Maturity Securities by Contractual Maturity
The amortized cost and estimated fair value of fixed maturity securities at December 31, 2023, by contractual maturity date, is shown below.

Fixed Maturity Securities
December 31, 2023
  
Amortized
Cost
    
Estimated
Fair Value
  
Due in one year or less
  
$
10,990,370
    
$
10,832,220
  
Due after one year through five years
    
45,486,425
      
44,009,137
  
Due after five years through ten years
    
6,664,901
      
6,664,497
  
Due after ten years
    
21,851,378
      
20,078,690
  
Fixed maturities with no single maturity date
    
27,061,664
      
24,325,292
  
Total
  
$
112,054,738
    
$
105,909,836
  
Estimated Fair Value and Gross Unrealized Losses of Fixed Maturity Securities in Unrealized Loss Position
The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities in an unrealized loss position as of December 31:

2023
  
Less than 12 months
    
12 months or longer
    
Total
  
   
Estimated
fair value
    
Unrealized losses
    
Estimated
fair value
    
Unrealized losses
    
Estimated
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
)

2022(1)
  
Less than 12 months
    
12 months or longer
    
Total
  
   
Estimated
fair value
    
Unrealized losses
    
Estimated
fair value
    
Unrealized losses
    
Estimated
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
)

(1)          The Company has elected to reclassify certain investments to conform with the presentation for the year ended December 31, 2023. These reclassifications had no impact on previously reported net income.
Securities in Continuous Unrealized Loss Position
The following table provides additional information regarding the number of securities that were in an unrealized loss position for greater than or less than twelve months:
Less than 12 months
  
12 months or longer
  
Total
As of December 31, 2023
          
Fixed maturities
2
  
45
  
47
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 classified as available-for-sale, net of the effect of deferred income taxes, assuming that the depreciation had been realized as of December 31, 2023 and December 31, 2022:

   
December 31, 2023
    
December 31, 2022
  
Unrealized appreciation (depreciation) on available-for-sale securities
  
$
(6,144,902
)
  
$
(8,966,761
)
Deferred income taxes
    
1,290,429
      
1,883,020
  
Net unrealized appreciation (depreciation) on available-for-sale securities
  
$
(4,854,473
)
  
$
(7,083,741
)
Maximum and Minimum Lending Rates for Mortgage Loan
During 2023 and 2022, the maximum and minimum lending rates for mortgage loans 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 Holdings
The following table summarizes the mortgage loan holdings of the Company for the periods ended December 31:

  
2023
    
2022
  
In good standing
  
$
15,318,176
    
$
30,698,694
  
Total mortgage loans
  
$
15,318,176
    
$
30,698,694
  
Total foreclosed loans during the year
  
$
0
    
$
0
  
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:

  
December 31, 2023
    
December 31, 2022
  
Farm
  
$
332,417
    
$
383,278
  
Commercial
    
13,764,209
      
28,767,888
  
Residential
    
1,495,550
      
1,547,528
  
Total mortgage loans
    
15,592,176
      
30,698,694
  
Less allowance for credit losses
    
(274,000
)
    
0
  
Total mortgage loans, net
  
$
15,318,176
    
$
30,698,694
  
Investment Real Estate by Type
The following table provides an allocation of the Company’s investment real estate by type for the periods ended December 31:

  
2023
    
2022
  
Raw land
  
$
6,971,930
    
$
11,634,472
  
Commercial
    
4,106,938
      
4,169,847
  
Residential
    
3,512,408
      
2,489,858
  
Land, minerals and royalty interests
    
7,383,844
      
7,931,622
  
Total investment real estate
  
$
21,975,120
    
$
26,225,799
  

(1)
The Company has elected to reclassify certain investments to conform with the presentation for the year ended December 31, 2023. These reclassifications had no impact on previously reported net income.
Notes Receivables
The following is a summary of the notes receivable outstanding and the related allowance for credit losses:

  
December 31, 2023
    
December 31, 2022
  
Notes receivable
  
$
14,259,225
    
$
14,424,127
  
Less allowance for credit losses
    
(250,000
)
    
0
  
Total notes receivable, net
  
$
14,009,225
    
$
14,424,127
  
Schedule of Net Investment Income
The following table reflects the Company’s net investment income for the periods ended December 31:

  
2023
    
2022
  
Fixed maturities
  
$
4,184,070
    
$
4,318,591
  
Equity securities
    
2,710,201
      
6,157,942
  
Trading securities
    
0
      
(13,283
)
Mortgage loans
    
1,115,145
      
1,580,647
  
Real estate
    
8,318,201
      
11,640,759
  
Notes receivable
    
1,371,973
      
933,886
  
Policy loans
    
433,556
      
489,823
  
Cash and cash equivalents
    
1,007,840
      
203,250
  
Short-term investments
    
529,125
      
5,056
  
Total consolidated investment income
    
19,670,111
      
25,316,671
  
Investment expenses
    
(5,528,302
)
    
(4,505,200
)
Consolidated net investment income
  
$
14,141,809
    
$
20,811,471
  

(1)
The Company has elected to reclassify certain investments to conform with the presentation for the year ended December 31, 2023. These reclassifications had no impact on previously reported net income.
Net Realized Investment Gains and Losses
The following table presents net investment gains (losses) and the change in net unrealized gains on investments for the periods ended December 31:

  
2023
    
2022
  
Realized gains:
            
   Sales of fixed maturities
  
$
58,333
    
$
4,683
  
   Sales of equity securities
    
820,001
      
8,986,784
  
   Sales of real estate
    
8,577,155
      
5,326,838
  
   Sales of short-term investments
    
23,509
      
0
  
   Total realized gains
    
9,478,998
      
14,318,305
  
Realized losses:
                
   Sales of fixed maturities
    
0
      
(5,211
)
   Sales of equity securities
    
(7,966
)
    
(109,636
)
   Sales of real estate
    
0
      
(34,547
)
   Sales of short-term investments
    
(7,189
)
    
0
  
   Other-than-temporary impairments
    
0
      
(5,000,000
)
   Total realized losses
    
(15,155
)
    
(5,149,394
)
      Net realized investment gains
    
9,463,843
      
9,168,911
  
Change in fair value of equity securities:
                
   Change in fair value of equity securities held at the end of the period
    
(3,830,793
)
    
33,690,712
  
   Change in fair value of equity securities
    
(3,830,793
)
    
33,690,712
  
      Net investment gains
  
$
5,633,050
    
$
42,859,623
  
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income:
                
   Fixed maturities
  
$
2,867,943
    
$
(21,981,097
)
   Net increase (decrease)
  
$
2,867,943
    
$
(21,981,097
)