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17) Fair Value of Financial Instruments: Schedule of Financial Instruments Carried at Other Than Fair Value (Tables)
 12 Months Ended
Dec. 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

Fixed maturity securities, held to maturity

 $     228,397,623

 $                  -

 $   233,806,219

 $         7,692,190

 $     241,498,409

Mortgage loans held for investment

   Residential

          99,816,535

                     -

                         -

        106,050,169

        106,050,169

   Residential construction

          49,694,025

                     -

                         -

          49,694,025

          49,694,025

   Commercial

          54,700,325

                     -

                         -

          56,473,156

          56,473,156

Mortgage loans held for investment, net

 $     204,210,885

 $                  -

 $                      -

 $     212,217,350

 $     212,217,350

Policy loans

            6,531,352

                     -

                         -

            6,531,352

            6,531,352

Insurance assignments, net (1)

          35,455,098

                     -

                         -

          35,455,098

          35,455,098

Restricted assets (2)

            1,130,088

                     -

          1,152,324

                         -  

            1,152,324

Restricted assets (3)

            1,701,811

                     -

                         -

            1,796,910

            1,796,910

Cemetery perpetual care trust investments (2)

               943,211

                     -

             953,404

                         -  

               953,404

Cemetery perpetual care trust investments (3)

                   4,128

                     -

                         -

                   4,411

                   4,411

Mortgage servicing rights, net

          21,376,937

                     -

                         -

          27,427,174

          27,427,174

Liabilities

Bank and other loans payable

 $   (157,450,925)

 $                  -

 $                      -

 $   (157,450,925)

 $   (157,450,925)

Policyholder account balances (4)

        (47,867,037)

                     -

                         -

        (34,557,111)

        (34,557,111)

Future policy benefits - annuities (4)

        (99,474,392)

                     -

                         -

        (98,827,107)

        (98,827,107)

                               

(1) Included in other investments and policy loans on the consolidated balance sheets

(2) Fixed maturity securities held to maturity

(3) Participation in mortgage loans held for investment (commercial)

(4) Included in future policy benefits and unpaid claims on the consolidated balance sheets

 

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

Fixed maturity securities, held to maturity

 $     184,979,644

 $                  -

 $   191,850,749

 $                        -

 $     191,850,749

Mortgage loans held for investment

  Residential

          57,096,961

                     -

                         -

          61,357,393

          61,357,393

  Residential construction

          40,700,003

                     -

                         -

          40,700,003

          40,700,003

  Commercial

          51,193,768

                     -

                         -

          53,299,800

          53,299,800

Mortgage loans held for investment, net

 $     148,990,732

 $                  -

 $                      -

 $     155,357,196

 $     155,357,196

Loans held for sale

        189,139,832

                     -

                         -

        192,289,854

        192,289,854

Policy loans

            6,694,148

                     -

                         -

            6,694,148

            6,694,148

Insurance assignments, net (1)

          32,477,246

                     -

                         -

          32,477,246

          32,477,246

Short-term investments

          27,560,040

                     -

                         -

          27,560,040

          27,560,040

Restricted assets (2)

               990,613

                     -

             991,528

                         -  

               991,528

Restricted assets (3)

            1,575,044

                     -

                         -

            1,651,539

            1,651,539

Cemetery perpetual care trust investments (2)

               885,729

                     -

             892,260

                         -  

               892,260

Cemetery perpetual care trust investments (3)

                   3,821

                     -

                         -

                   3,863

                   3,863

Mortgage servicing rights, net

          18,872,362

                     -

                         -

          25,496,832

          25,496,832

Liabilities

Bank and other loans payable

 $   (152,137,341)

 $                  -

 $                      -

 $   (152,137,341)

 $   (152,137,341)

Policyholder account balances (4)

        (49,421,125)

                     -

                         -

        (38,530,031)

        (38,530,031)

Future policy benefits - annuities (4)

        (99,385,662)

                     -

                         -

      (100,253,261)

      (100,253,261)

                               

(1) Included in other investments and policy loans on the consolidated balance sheets

(2) Fixed maturity securities held to maturity

(3) Participation in mortgage loans held for investment (commercial)

(4) Included in future policy benefits and unpaid claims on the consolidated balance sheets