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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Measurements

Schedule of Fair Value Measurements

		September 30, 2021
		Level 1				Level 2				Level 3				Total
Fixed-maturity securities available-for-sale
U.S. Treasury securities
and obligations of U.S.
government corporations
and agencies		$	2,006,880			$	-			$	-			$	2,006,880
Political subdivisions of
States, Territories and
Possessions			-				14,554,305				-				14,554,305
Corporate and other
bonds industrial and
miscellaneous			94,403,401				1,019,580				-				95,422,981
Residential mortgage backed securities			-				41,305,076				-				41,305,076
Total fixed maturities			96,410,281				56,878,961				-				153,289,242
Equity securities			40,060,872				-				-				40,060,872
Total investments		$	136,471,153			$	56,878,961			$	-			$	193,350,114

		December 31, 2020
		Level 1				Level 2				Level 3				Total
Fixed-maturity securities available-for-sale
U.S. Treasury securities
and obligations of U.S.
government corporations
and agencies		$	3,049,900			$	-			$	-			$	3,049,900
Political subdivisions of
States, Territories and
Possessions			-				5,643,102				-				5,643,102
Corporate and other
bonds industrial and
miscellaneous			118,123,890				2,070,439				-				120,194,329
Residential mortgage and other asset backed securities			-				28,661,941				-				28,661,941
Total fixed maturities			121,173,790				36,375,482				-				157,549,272
Equity securities			34,413,313				-				-				34,413,313
Total investments		$	155,587,103			$	36,375,482			$	-			$	191,962,585

Schedule of Hedge Fund Investments

Category		September 30, 2021				December 31, 2020
Other Investments:
Hedge fund		$	7,379,111			$	3,368,626
Real estate limited partnership			-				150,000
Total		$	7,379,111			$	3,518,626

Fair value hierarchy of long-term debt

		September 30, 2021
		Level 1				Level 2				Level 3				Total
Long-term debt
Senior Notes due 2022		$	-			$	27,296,810			$	-			$	27,296,810

		December 31, 2020
		Level 1				Level 2				Level 3				Total
Long-term debt
Senior Notes due 2022		$	-			$	27,272,727			$	-			$	27,272,727

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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