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Fair Value of Financial Instruments and Real Estate

9 Months Ended

Sep. 30, 2020

Fair Value of Financial Instruments and Real Estate

5. Fair Value of Financial Instruments and Real Estate

Note 5 - Fair Value of Financial Instruments and Real Estate

The estimated fair values of the Company’s financial instruments and real estate as of September 30, 2020 and December 31, 2019 are as follows:

		September 30, 2020								December 31, 2019
		Carrying				Estimated				Carrying				Estimated
		Value				Fair Value				Value				Fair Value
Fixed-maturity securities-held-to maturity		$	7,369,608			$	7,899,304			$	3,825,952			$	4,124,767
Cash and cash equivalents		$	24,388,103			$	24,388,103			$	32,391,485			$	32,391,485
Premiums receivable, net		$	13,883,708			$	13,883,708			$	12,706,411			$	12,706,411
Reinsurance receivables, net		$	55,529,408			$	55,529,408			$	40,750,538			$	40,750,538
Real estate, net of accumulated depreciation		$	2,238,435			$	2,705,000			$	2,292,743			$	2,705,000
Reinsurance balances payable		$	10,062,649			$	10,062,649			$	11,714,724			$	11,714,724

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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
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-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

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