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Investments In Securities | 6 Months Ended
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Jun. 30, 2012
Investments In Securities [Abstract] |
Investments In Securities | Note 7 – Investments in Securities The aggregate estimated fair value, gross unrealized holding gains, gross unrealized holding losses and cost or amortized cost for securities by major security type are as follows:
June 30, 2012 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value
Fixed maturities, available-for-sale, at fair value- |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 59,082,735 | $ | 5,374,612 | $ | 23,777 | $ | 64,433,570
Corporate debt securities |  | 19,360,049 |  | 1,190,590 |  | 70,667 |  | 20,479,972
Auction rate securities |  | 3,642,324 |  | 55,776 |  | - |  | 3,698,100
Total | $ | 82,085,108 | $ | 6,620,978 | $ | 94,444 | $ | 88,611,642
Equity securities, available-for-sale at fair value- |  |  |  |  |  |  |  |
Common stocks and nonredeemable preferred stocks | $ | 19,690,734 | $ | 6,446,241 | $ | 175,364 | $ | 25,961,611
Total | $ | 19,690,734 | $ | 6,446,241 | $ | 175,364 | $ | 25,961,611
Short-term investments- |  |  |  |  |  |  |  |
Money market mutual funds and certificates of deposit | $ | 8,420,944 | $ | - | $ | - | $ | 8,420,944
Total | $ | 8,420,944 | $ | - | $ | - | $ | 8,420,944
December 31, 2011 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value
Fixed maturities, available-for-sale, at fair value- |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 62,042,929 | $ | 5,583,733 | $ | 13,869 | $ | 67,612,793
Corporate debt securities |  | 12,188,639 |  | 1,202,149 |  | 148,616 |  | 13,242,172
Auction rate securities |  | 4,552,400 |  | - |  | - |  | 4,552,400
Total | $ | 78,783,968 | $ | 6,785,882 | $ | 162,485 | $ | 85,407,365
Equity securities, available-for-sale at fair value- |  |  |  |  |  |  |  |
Common stocks and nonredeemable preferred stocks | $ | 17,652,745 | $ | 4,939,053 | $ | 41,823 | $ | 22,549,975
Total | $ | 17,652,745 | $ | 4,939,053 | $ | 41,823 | $ | 22,549,975
Short-term investments- |  |  |  |  |  |  |  |
Money market mutual funds and certificates of deposit | $ | 14,112,262 | $ | - | $ | - | $ | 14,112,262
Total | $ | 14,112,262 | $ | - | $ | - | $ | 14,112,262
The scheduled maturities of fixed maturity securities at June 30, 2012 were as follows:
|  | Available-for-Sale
|  | Amortized |  | Fair
|  | Cost |  | Value
Due in one year or less | $ | 6,918,254 | $ | 6,989,491
Due after one year through five years |  | 38,190,552 |  | 40,630,171
Due five years through ten years |  | 29,976,851 |  | 33,084,023
Due after ten years |  | 6,999,451 |  | 7,907,957
Total | $ | 82,085,108 | $ | 88,611,642
Gross realized gains and losses on securities for the six months ended June 30 are summarized as follows:
| 2012 | 2011
Gross realized gains: |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 250 |  | $ | 20,846 |
Common stocks and nonredeemable preferred stocks |  | 163,764 |  |  | 262,952 |
Auction rate securities |  | 40,057 |  |  | 15,428 |
Total |  | 204,071 |  |  | 299,226 |
Gross realized losses: |  |  |  |  |  |
Common stocks and nonredeemable preferred stocks |  | (74,661 | ) |  | (46,413 | )
Other than temporary impairment of securities |  | (76,539 | ) |  | (64,468 | )
Total |  | (151,200 | ) |  | (110,881 | )
Net realized gain | $ | 52,871 |  | $ | 188,345 |
Realized gains and losses are determined on the specific identification method. Also included in net realized gain on investments in the Consolidated Statements of Income are impairments of other investments and gain (loss) on sales of other assets and property acquired in the settlement of claims totaling $205,158 and $(67,430) for the six months ended June 30, 2012 and 2011, respectively. The following table presents the gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at June 30, 2012 and December 31, 2011.
| Less than 12 Months | 12 Months or Longer | Total
June 30, 2012 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses
Obligations of states |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
and political |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
subdivisions | $ | - | $ | - |  | $ | 1,001,350 | $ | (23,777 | ) | $ | 1,001,350 | $ | (23,777 | )
Corporate debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities |  | 3,154,335 |  | (12,667 | ) |  | 960,360 |  | (58,000 | ) |  | 4,114,695 |  | (70,667 | )
Total fixed income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities | $ | 3,154,335 | $ | (12,667 | ) | $ | 1,961,710 | $ | (81,777 | ) | $ | 5,116,045 | $ | (94,444 | )
Equity securities |  | 2,513,568 |  | (175,364 | ) |  | - |  | - |  |  | 2,513,568 |  | (175,364 | )
Total temporarily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired Securities | $ | 5,667,903 | $ | (188,031 | ) | $ | 1,961,710 | $ | (81,777 | ) | $ | 7,629,613 | $ | (269,808 | )
| Less than 12 Months | 12 Months or Longer | Total
December 31, 2011 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses
Obligations of states |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
and political |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
subdivisions | $ | 663,666 | $ | (64 | ) | $ | 1,023,180 | $ | (13,805 | ) | $ | 1,686,846 | $ | (13,869 | )
Corporate debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities |  | 3,015,769 |  | (148,616 | ) |  | - |  | - |  |  | 3,015,769 |  | (148,616 | )
Total fixed income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities | $ | 3,679,435 | $ | (148,680 | ) | $ | 1,023,180 | $ | (13,805 | ) | $ | 4,702,615 | $ | (162,485 | )
Equity securities |  | 957,072 |  | (40,893 | ) |  | 104,130 |  | (930 | ) |  | 1,061,202 |  | (41,823 | )
Total temporarily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | $ | 4,636,507 | $ | (189,573 | ) | $ | 1,127,310 | $ | (14,735 | ) | $ | 5,763,817 | $ | (204,308 | )
As of June 30, 2012, the Company held $5,116,045 in fixed maturity securities with unrealized losses of $94,444. As of December 31, 2011, the Company held $4,702,615 in fixed maturity securities with unrealized losses of $162,485. The decline in fair value of the fixed maturity securities can be attributed primarily to changes in market interest rates and changes in credit spreads over treasury securities. Because the Company does not have the intent to sell these securities and will likely not be compelled to sell them before it can recover its cost basis, the Company does not consider these investments to be other-than-temporarily impaired. As of June 30, 2012, the Company held $2,513,568 in equity securities with unrealized losses of $175,364. As of December 31, 2011, the Company held $1,061,202 in equity securities with unrealized losses of $41,823. The unrealized losses related to holdings of equity securities were caused by market changes that the Company considers to be temporary. Since the Company has the intent and ability to hold these equity securities until a recovery of fair value, the Company does not consider these investments other-than-temporarily impaired. Factors considered in determining whether a loss is temporary include the length of time and extent to which fair value has been below cost, the financial condition and prospects of the issuer (including credit ratings and analyst reports) and macro-economic changes. A total of 15 and 13 securities had unrealized losses at June 30, 2012 and December 31, 2011, respectively. Reviews of the values of securities are inherently uncertain and the value of the investment may not fully recover, or may decline in future periods resulting in a realized loss. During the first six months of 2012 and 2011, the Company recorded other-than-temporary impairment charges in the amount of $76,539 and $64,468, respectively, related to equity securities and other assets. For the 2011 fiscal year, the Company recorded other-than-temporary impairment charges in the amount of $280,987 related to securities and other assets, of which, $101,861 was related to Level 3 auction rate securities. Other-than-temporary impairment charges are included in net realized gain on investments in the Consolidated Statements of Income.

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- Definition The entire disclosure for cash, cash equivalents, investments in debt and equity instruments (including cost and equity investees and related income statement amounts), equity and cost method investments, investments in joint ventures and any other investment. + References No definition available. + Details
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