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5. Fair Value of Financial Instruments | 12 Months Ended
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Dec. 31, 2019
Financial Instruments, Owned, at Fair Value [Abstract] |
5. Fair Value of Financial Instruments | 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, held-to-maturity 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 accompanying consolidated balance sheets for these financial instruments approximate their fair values due to the short-term nature of the assets. Real estate: The estimated 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 consolidated balance sheets for these financial instruments approximates fair value. The estimated fair values of the Company’s financial instruments and real estate as of December 31, 2019 and 2018 are as follows:
|  | December 31, 2019 |  |  | December 31, 2018 |
|  | Carrying |  |  | Estimated |  |  | Carrying |  |  | Estimated |
|  | Value |  |  | Fair Value |  |  | Value |  |  | Fair Value |
Fixed-maturity securities-held-to maturity |  | $ | 3,825,952 |  |  | $ | 4,124,767 |  |  | $ | 4,222,855 |  |  | $ | 4,426,416 |
Cash and cash equivalents |  | $ | 32,391,485 |  |  | $ | 32,391,485 |  |  | $ | 21,138,403 |  |  | $ | 21,138,403 |
Premiums receivable, net |  | $ | 12,706,411 |  |  | $ | 12,706,411 |  |  | $ | 13,961,599 |  |  | $ | 13,961,599 |
Reinsurance receivables, net |  | $ | 40,750,538 |  |  | $ | 40,750,538 |  |  | $ | 26,367,115 |  |  | $ | 26,367,115 |
Real estate, net of accumulated depreciation |  | $ | 2,292,743 |  |  | $ | 2,705,000 |  |  | $ | 2,300,827 |  |  | $ | 2,705,000 |
Reinsurance balances payable |  | $ | 11,714,724 |  |  | $ | 11,714,724 |  |  | $ | 1,933,376 |  |  | $ | 1,933,376 |

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- 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=118260190&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
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