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8): Fair Value of Financial Instruments: Schedule of Financial Instruments Carried at Other Than Fair Value (Tables)
 6 Months Ended
Jun. 30, 2018
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

 $     218,409,812

 $                      -

 $   192,836,479

 $       30,687,179

 $     223,523,658

Mortgage loans held for investment:

Residential

          85,733,141

                         -

                         -

          90,610,146

          90,610,146

Residential construction

          62,883,246

                         -

                         -

          62,883,246

          62,883,246

Commercial

          44,452,450

                         -

                         -

          45,438,216

          45,438,216

Mortgage loans held for investment, net

 $     193,068,837

 $                      -

 $                      -

 $     198,931,608

 $     198,931,608

Policy loans

            6,310,614

                         -

                         -

            6,310,614

            6,310,614

Insurance assignments, net (1)

          31,693,933

                         -

                         -

          31,693,933

          31,693,933

Restricted assets (2)

            1,159,629

                         -

          1,169,967

                         -  

            1,169,967

Restricted assets (3)

            1,500,000

                         -

                         -

            1,500,000

            1,500,000

Cemetery perpetual care trust investments (2)

               963,646

                         -

             961,655

                         -  

               961,655

Mortgage servicing rights, net

          21,117,937

                         -

                         -

          31,037,960

          31,037,960

Liabilities

Bank and other loans payable

 $   (208,777,621)

 $                      -

 $                      -

 $   (208,777,621)

 $   (208,777,621)

Policyholder account balances (4)

        (46,914,113)

                         -

                         -

        (34,441,613)

        (34,441,613)

Future policy benefits - annuities (4)

        (98,787,048)

                         -

                         -

        (96,759,178)

        (96,759,178)

                               

(1) Included in other investments and policy loans on the condensed consolidated balance sheet.

(2) Fixed maturity securities held to maturity

(3) Participation in mortgage loans held for investment (residential construction)

(4) Included in future policy benefits and unpaid claims on the condensed consolidated balance sheet.

 

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, 2017:

 

 

Carrying Value

 

Level 1

 

Level 2

 

Level 3

 

Total Estimated Fair Value

Assets

Fixed maturity securities held to maturity

 $     228,397,623

 $                      -

 $   208,672,036

 $       32,826,373

 $     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 condensed consolidated balance sheet.

(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 condensed consolidated balance sheet.