XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.19.1

5. Fair Value of Financial Instruments and Real Estate | 3 Months Ended
--- | ---
Mar. 31, 2019
Fair Value Disclosures [Abstract] |
5. Fair Value of Financial Instruments and Real Estate | The Company uses the following methods and assumptions in estimating the fair value of financial instruments and real estate: Equity securities, available-for-sale fixed income securities, and other investments: Fair value disclosures for these investments are included in “Note 3 - Investments” and “Note 4 – Fair Value Measurements”. Cash and cash equivalents: The carrying values of cash and cash equivalents approximate their fair values because of the short-term nature of these instruments. Premiums receivable and reinsurance receivables: The carrying values reported in the condensed consolidated balance sheets for these financial instruments approximate their fair values due to the short-term nature of the assets. Real estate: The fair value of the land and building included in property and equipment, which is used in the Company’s operations, approximates the carrying value. The fair value was based on an appraisal prepared using the sales comparison approach, and accordingly the real estate is a Level 3 asset under the fair value hierarchy. Reinsurance balances payable: The carrying value reported in the condensed consolidated balance sheets for these financial instruments approximates fair value. Long-term debt: The estimated fair value of long-term debt is based on observable market interest rates when available. When observable market interest rates were not available, the estimated fair values of debt were based on observable market interest rates of comparable instruments adjusted for differences between the observed instruments and the instruments being valued or estimated using discounted cash flow analyses, based on current incremental borrowing rates for similar types of borrowing arrangements. The estimated fair values of the Company’s financial instruments and real estate as of March 31, 2019 and December 31, 2018 are as follows:
|  | March 31, 2019 |  |  | December 31, 2018 |
|  | Carrying |  |  | Estimated |  |  | Carrying |  |  | Estimated |
|  | Value |  |  | Fair Value |  |  | Value |  |  | Fair Value |
Fixed-maturity securities-held-to maturity |  | $ | 3,824,620 |  |  | $ | 4,076,611 |  |  | $ | 4,222,855 |  |  | $ | 4,426,416 |
Cash and cash equivalents |  | $ | 15,764,480 |  |  | $ | 15,764,480 |  |  | $ | 21,138,403 |  |  | $ | 21,138,403 |
Premiums receivable, net |  | $ | 14,211,748 |  |  | $ | 14,211,748 |  |  | $ | 13,961,599 |  |  | $ | 13,961,599 |
Reinsurance receivables, net |  | $ | 26,157,637 |  |  | $ | 26,157,637 |  |  | $ | 26,367,115 |  |  | $ | 26,367,115 |
Real estate, net of accumulated depreciation |  | $ | 2,285,933 |  |  | $ | 2,705,000 |  |  | $ | 2,300,827 |  |  | $ | 2,705,000 |
Reinsurance balances payable |  | $ | 1,201,931 |  |  | $ | 1,201,931 |  |  | $ | 1,933,376 |  |  | $ | 1,933,376 |
Long-term debt, net |  | $ | 29,339,296 |  |  | $ | 28,485,329 |  |  | $ | 29,295,251 |  |  | $ | 28,521,734 |

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of accounting policy for determining the fair value of financial instruments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 60 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7493716&loc=d3e21868-110260 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109250915&loc=d3e13279-108611 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18780-107790 + Details
Name: | us-gaap_FairValueOfFinancialInstrumentsPolicy
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration