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7): Fair Value of Financial Instruments: Schedule of Financial Instruments Carried at Other Than Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2017
Tables/Schedules |
Schedule of Financial Instruments Carried at Other Than Fair Value |
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Estimated Fair Value
Assets |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |
Residential | $62,961,706 |  | $- |  | $- |  | $67,122,262 |  | $67,122,262
Residential construction | 33,817,195 |  | - |  | - |  | 33,817,195 |  | 33,817,195
Commercial | 37,344,872 |  | - |  | - |  | 38,610,972 |  | 38,610,972
Mortgage loans, net | $134,123,773 | $- |  | $- |  | $139,550,429 | $139,550,429
Policy loans | 6,666,500 |  | - |  | - |  | 6,666,500 |  | 6,666,500
Insurance assignments, net | 32,856,652 |  | - |  | - |  | 32,856,652 |  | 32,856,652
Short-term investments | 28,346,922 |  | - |  | - |  | 28,346,922 |  | 28,346,922
Liabilities |  |  |  |  |  |  |  |  |
Bank and other loans payable | $(61,546,973) | $- |  | $- |  | $(61,546,973) | $(61,546,973)
The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of December 31, 2016:
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Estimated Fair Value
Assets |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |
Residential | $57,132,082 |  | $- |  | $- |  | $61,357,393 |  | $61,357,393
Residential construction | 40,700,003 |  | - |  | - |  | 40,700,003 |  | 40,700,003
Commercial | 51,349,493 |  | - |  | - |  | 53,299,800 |  | 53,299,800
Mortgage loans, net | $149,181,578 |  | $- |  | $- |  | $155,357,196 |  | $155,357,196
Policy loans | 6,694,148 |  | - |  | - |  | 6,694,148 |  | 6,694,148
Insurance assignments, net | 32,477,246 |  | - |  | - |  | 32,477,246 |  | 32,477,246
Short-term investments | 27,560,040 |  | - |  | - |  | 27,560,040 |  | 27,560,040
Liabilities |  |  |  |  |  |  |  |  |
Bank and other loans payable | $(53,715,240) |  | $- |  | $- |  | $(53,715,240) |  | $(53,715,240)

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