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Fair Value of Financial Instruments and Real Estate

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and December 31, 2020 are as follows:

		March 31, 2021								December 31, 2020
		Carrying				Estimated				Carrying				Estimated
		Value				Fair Value				Value				Fair Value
Fixed-maturity securities-held-to maturity		$	9,180,786			$	9,564,055			$	7,368,815			$	8,194,824
Cash and cash equivalents		$	22,179,960			$	22,179,960			$	19,463,742			$	19,463,742
Premiums receivable, net		$	10,885,621			$	10,885,621			$	14,020,716			$	14,020,716
Reinsurance receivables, net		$	37,366,742			$	37,366,742			$	45,460,729			$	45,460,729
Real estate, net of accumulated depreciation		$	2,199,771			$	2,705,000			$	2,219,999			$	2,705,000
Reinsurance balances payable		$	2,336,498			$	2,336,498			$	6,979,735			$	6,979,735

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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
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Topic 235
-SubTopic 10
-Section 50
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