Note 3 - Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

	Level 1		Level 2		Level 3		Total
	March 31, 2025 (Unaudited)
Fixed maturity securities, available-for-sale
U.S. government and U.S. government agencies	$	-	$	4,278,876	$	-	$	4,278,876
States and political subdivisions		-		7,277,705		-		7,277,705
U.S. government agency mortgage backed securities		-		37,520,675		-		37,520,675
Commercial mortgage-backed securities		-		24,156,862		-		24,156,862
Residential mortgage-backed securities		-		14,364		-		14,364
Corporate bonds		-		107,694,637		-		107,694,637
Asset-backed securities		-		18,360,291		-		18,360,291
Exchange traded securities		-		488,600		-		488,600
Foreign bonds		-		28,495,317		-		28,495,317
Redeemable preferred securities		-		1,021,200		-		1,021,200
Total fixed maturity securities	$	-	$	229,308,527	$	-	$	229,308,527
Fixed maturity securities, available-for-sale held in trust under coinsurance agreement	$	-	$	16,999,884	$	-	$	16,999,884
Equity securities
Mutual funds	$	-	$	47,727	$	-	$	47,727
Corporate common stock		205,864		5,044,636		114,796		5,365,296
Total equity securities	$	205,864	$	5,092,363	$	114,796	$	5,413,023
	December 31, 2024
Fixed maturity securities, available-for-sale
U.S. government and U.S. government agencies	$	-	$	4,275,965	$	-	$	4,275,965
States and political subdivisions		-		7,693,233		-		7,693,233
U.S. government agency mortgage backed securities		-		40,235,381		-		40,235,381
Commercial mortgage-backed securities		-		18,499,398		-		18,499,398
Residential mortgage-backed securities		-		14,111		-		14,111
Corporate bonds		-		99,356,554		-		99,356,554
Asset-backed securities		-		14,898,584		-		14,898,584
Exchange traded securities		-		496,800		-		496,800
Foreign bonds		-		27,239,795		-		27,239,795
Redeemable preferred securities		-		1,036,000		-		1,036,000
Total fixed maturity securities	$	-	$	213,745,821	$	-	$	213,745,821
Fixed maturity securities, available-for-sale held in trust under coinsurance agreement	$	-	$	17,932,297	$	-	$	17,932,297
Equity securities
Mutual funds	$	-	$	48,375	$	-	$	48,375
Corporate common stock		232,365		4,999,414		55,908		5,287,687
Total equity securities	$	232,365	$	5,047,789	$	55,908	$	5,336,062

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	(Unaudited)
	March 31, 2025			December 31, 2024

Beginning balance	$	55,908		$	65,240
Joint venture investment		50,000			-
Joint venture net income		32,378			106,039
Joint venture distribution		(23,490	)		(115,371	)
Ending balance	$	114,796		$	55,908

Fair Value, by Balance Sheet Grouping [Table Text Block]

	Carrying			Fair
	Amount			Value			Level 1			Level 2		Level 3
	March 31, 2025 (Unaudited)
Financial assets
Mortgage loans on real estate
Commercial	$	14,186,355		$	14,719,304		$	-		$	-	$	14,719,304
Residential		207,172,682			226,905,937			-			-		226,905,937
Policy loans		4,530,375			4,530,375			-			-		4,530,375
Other long-term investments		56,212,819			60,949,192			-			-		60,949,192
Cash and cash equivalents		41,314,650			41,314,650			41,314,650			-		-
Accrued investment income		6,316,751			6,316,751			-			-		6,316,751
Total financial assets	$	329,733,632		$	354,736,209		$	41,314,650		$	-	$	313,421,559
Held in trust under coinsurance agreement
Mortgage loans on real estate
Commercial	$	10,459,110		$	10,459,110		$	-		$	-	$	10,459,110
Cash and cash equivalents		1,833,439			1,833,439			1,833,439			-		-
Total financial assets held in trust under coinsurance agreement	$	12,292,549		$	12,292,549		$	1,833,439		$	-	$	10,459,110
Financial liabilities
Policyholders' account balances	$	431,093,558		$	372,584,710		$	-		$	-	$	372,584,710
Policy claims		2,641,334			2,641,334			-			-		2,641,334
Total financial liabilities	$	433,734,892		$	375,226,044		$	-		$	-	$	375,226,044

	December 31, 2024
Financial assets
Mortgage loans on real estate
Commercial	$	14,314,107		$	14,724,122		$	-		$	-	$	14,724,122
Residential		195,050,397			211,590,742			-			-		211,590,742
Policy loans		4,367,534			4,367,534			-			-		4,367,534
Other long-term investments		58,223,514			63,062,063			-			-		63,062,063
Cash and cash equivalents		64,344,122			64,344,122			64,344,122			-		-
Accrued investment income		5,746,167			5,746,167			-			-		5,746,167
Total financial assets	$	342,045,841		$	363,834,750		$	64,344,122		$	-	$	299,490,628
Held in trust under coinsurance agreement
Mortgage loans on real estate
Commercial	$	12,660,117		$	12,660,117		$	-		$	-	$	12,660,117
Overdraft		(89,726	)		(89,726	)		(89,726	)		-		-
Total financial assets held in trust under coinsurance agreement	$	12,570,391		$	12,570,391		$	(89,726	)	$	-	$	12,660,117
Financial liabilities
Policyholders' account balances	$	431,190,092		$	365,288,900		$	-		$	-	$	365,288,900
Policy claims		2,478,465			2,478,465			-			-		2,478,465
Total financial liabilities	$	433,668,557		$	367,767,365		$	-		$	-	$	367,767,365

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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