Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 10, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'First Trinity Financial CORP | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 7,851,984 | ' |
Entity Public Float | ' | ' | $0 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001395585 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Position (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ' | ' |
Available-for-sale fixed maturity securities at fair value (amortized cost: $98,218,823 and $91,543,308 as of December 31, 2013 and 2012, respectively) | $100,429,711 | $98,659,797 |
Available-for-sale equity securities at fair value (cost: $567,697 and $695,846 as of December 31, 2013 and 2012, respectively) | 717,433 | 843,497 |
Mortgage loans on real estate | 19,124,869 | 10,435,776 |
Investment real estate | 6,531,971 | 2,858,765 |
Policy loans | 1,488,646 | 1,488,035 |
Other long-term investments | 21,763,648 | 19,560,794 |
Total investments | 150,056,278 | 133,846,664 |
Cash and cash equivalents | 10,608,438 | 10,947,474 |
Accrued investment income | 1,558,153 | 1,417,218 |
Recoverable from reinsurers | 1,200,807 | 1,188,371 |
Agents' balances and due premiums | 285,033 | 358,729 |
Loans from premium financing, net | 133,386 | 261,072 |
Deferred policy acquisition costs | 8,172,627 | 7,028,820 |
Value of insurance business acquired | 7,086,790 | 7,508,895 |
Property and equipment, net | 130,287 | 124,558 |
Other assets | 3,941,360 | 2,768,516 |
Total assets | 183,173,159 | 165,450,317 |
Liabilities and Shareholders' Equity | ' | ' |
Policyholders' account balances | 113,750,681 | 95,043,370 |
Future policy benefits | 33,354,454 | 31,065,560 |
Policy claims | 611,417 | 717,521 |
Other policy liabilities | 89,504 | 139,722 |
Total policy liabilities | 147,806,056 | 126,966,173 |
Deferred federal income taxes | 2,543,825 | 3,301,524 |
Other liabilities | 2,182,264 | 1,460,508 |
Total liabilities | 152,532,145 | 131,728,205 |
Common stock, par value $.01 per share, 20,000,000 shares authorized, and 8,050,193 and 7,974,373 issued as of December 31, 2013 and 2012, respectively, and 7,851,984 and 7,789,060 outstanding as of December 31, 2013 and 2012, respectively, and 63,070 subscribed as of December 31, 2012 | 80,502 | 80,374 |
Additional paid-in capital | 28,684,748 | 28,707,648 |
Treasury stock, at cost (198,209 and 185,313 shares as of December 31, 2013 and 2012, respectively) | -693,731 | -648,595 |
Accumulated other comprehensive income | 1,878,157 | 5,780,670 |
Accumulated earnings (deficit) | 691,338 | -197,985 |
Total shareholders' equity | 30,641,014 | 33,722,112 |
Total liabilities and shareholders' equity | $183,173,159 | $165,450,317 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Position (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Available-for-sale fixed maturity securities at amortized cost (in Dollars) | $98,218,823 | $91,543,308 |
Available-for-sale equity securities at cost (in Dollars) | $567,697 | $695,846 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 8,050,193 | 7,974,373 |
Common stock, shares outstanding | 7,851,984 | 7,789,060 |
Common stock, subscribed | ' | 63,070 |
Treausury Stock, shares | 198,209 | 185,313 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues | ' | ' |
Premiums | $7,929,672 | $8,024,901 |
Income from premium financing | 44,145 | 102,491 |
Net investment income | 7,027,006 | 5,920,278 |
Net realized investment gains | 1,132,451 | 746,889 |
Other income | 14,959 | 13,961 |
Total revenues | 16,148,233 | 14,808,520 |
Benefits and claims | ' | ' |
Increase in future policy benefits | 2,267,677 | 2,054,925 |
Death benefits | 2,679,210 | 2,863,555 |
Surrenders | 633,935 | 583,498 |
Interest credited to policyholders | 3,745,992 | 3,330,592 |
Dividend, endowment and supplementary life contract benefits | 275,315 | 409,482 |
Total benefits and claims | 9,602,129 | 9,242,052 |
Policy acquisition costs deferred | -1,950,072 | -2,302,070 |
Amortization of deferred policy acquisition costs | 831,637 | 512,546 |
Amortization of value of insurance business acquired | 422,105 | 403,573 |
Commissions | 2,028,429 | 2,324,073 |
Other underwriting, insurance and acquisition expenses | 4,005,930 | 3,670,533 |
Total expenses | 5,338,029 | 4,608,655 |
Total benefits, claims and expenses | 14,940,158 | 13,850,707 |
Income before total federal income tax expense | 1,208,075 | 957,813 |
Current federal income tax expense | 100,820 | 273,054 |
Deferred federal income tax expense (benefit) | 217,932 | -417,122 |
Total federal income tax expense (benefit) | 318,752 | -144,068 |
Net income | $889,323 | $1,101,881 |
Net income per common share basic and diluted (in Dollars per share) | $0.11 | $0.14 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Net income | $889,323 | $1,101,881 | ||
Other comprehensive income (loss) | ' | ' | ||
Total net unrealized gains (losses) arising during the period | -3,771,065 | 4,939,973 | ||
Less net realized investment gains | 1,132,451 | [1] | 746,889 | [1] |
Net unrealized gains (losses) | -4,903,516 | 4,193,084 | ||
Adjustment to deferred acquisition costs | 25,372 | -12,703 | ||
Other comprehensive income (loss) before income tax expense (benefit) | -4,878,144 | 4,180,381 | ||
Income tax expense (benefit) | -975,631 | 1,095,935 | ||
Total other comprehensive income (loss) | -3,902,513 | 3,084,446 | ||
Total comprehensive income (loss) | ($3,013,190) | $4,186,327 | ||
[1] | These items appear within net realized investment gains in the consolidated statement of operations. |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2011 | $73,649 | $24,086,146 | ' | $2,696,224 | $1,542,094 | $28,398,113 |
Stock dividend | 3,789 | 2,838,171 | ' | ' | -2,841,960 | ' |
Subscriptions of common stock | 2,936 | 1,783,331 | ' | ' | ' | 1,786,267 |
Repurchase of Common Stock | ' | ' | -648,595 | ' | ' | -648,595 |
Comprehensive income: | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | 1,101,881 | 1,101,881 |
Other comprehensive income (loss) | ' | ' | ' | 3,084,446 | ' | 3,084,446 |
Balance at Dec. 31, 2012 | 80,374 | 28,707,648 | -648,595 | 5,780,670 | -197,985 | 33,722,112 |
Subscriptions of common stock | 128 | -22,900 | ' | ' | ' | -22,772 |
Repurchase of Common Stock | ' | ' | -45,136 | ' | ' | -45,136 |
Comprehensive income: | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | 889,323 | 889,323 |
Other comprehensive income (loss) | ' | ' | ' | -3,902,513 | ' | -3,902,513 |
Balance at Dec. 31, 2013 | $80,502 | $28,684,748 | ($693,731) | $1,878,157 | $691,338 | $30,641,014 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) (USD $) | Dec. 31, 2012 |
Common Stock,Par Value | $0.01 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Operating activities | ' | ' |
Net income | $889,323 | $1,101,881 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for depreciation | 209,414 | 215,367 |
Accretion of discount on investments | -839,862 | -491,928 |
Net realized investment gains | -1,132,451 | -746,889 |
Gain on sale of fixed asset | ' | -2,934 |
Gain on sale of real estate | -3,047 | ' |
Amortization of policy acquisition cost | 831,637 | 512,546 |
Policy acquisition cost deferred | -1,950,072 | -2,302,070 |
Mortgage loan origination fees deferred | -136,458 | -168,641 |
Amortization of loan origination fees | 36,511 | ' |
Amortization of value of insurance business acquired | 422,105 | 403,573 |
Provision for deferred federal income tax expense (benefit) | 217,932 | -417,122 |
Interest credited to policyholders | 3,745,992 | 3,330,592 |
Change in assets and liabilities: | ' | ' |
Accrued investment income | -140,935 | -294,644 |
Policy loans | -611 | -15,369 |
Allowance for mortgage and premium finance loan losses | 36,054 | -5 |
Recoverable from reinsurers | -12,436 | -56,250 |
Agents' balances and due premiums | 73,696 | 23,172 |
Other assets | -1,172,844 | -1,471,311 |
Future policy benefits | 2,288,894 | 2,088,374 |
Policy claims | -106,104 | 201,999 |
Other policy liabilities | -50,218 | 93,109 |
Other liabilities | 721,756 | -996,680 |
Net cash provided by operating activities | 3,928,276 | 1,006,770 |
Investing activities | ' | ' |
Purchases of fixed maturity securities | -17,407,413 | -23,432,839 |
Maturities of fixed maturity securities | 2,841,000 | 1,678,000 |
Sales of fixed maturity securities | 7,964,866 | 7,833,967 |
Purchases of equity securities | -16,780 | -616,594 |
Sales of equity securities | 97,975 | 1,114,426 |
Purchases of mortgage loans | -10,643,970 | -9,143,326 |
Collections on mortgage loans | 2,323,743 | 899,180 |
Purchases of other long-term investments | -4,555,915 | -11,188,607 |
Collections on other long-term investments | 3,971,245 | 2,691,809 |
Loans made for premiums financed | ' | -934,095 |
Loans repaid for premiums financed | 149,828 | 1,695,444 |
Sales of real estate | 180,000 | 512,500 |
Purchases of real estate | -4,011,307 | ' |
Sales of furniture and equipment | ' | 5,000 |
Purchases of furniture and equipment | -53,995 | ' |
Net cash used in investing activities | -19,160,723 | -28,885,135 |
Financing activities | ' | ' |
Policyholders' account deposits | 21,776,839 | 14,732,255 |
Policyholders' account withdrawals | -6,815,520 | -4,749,799 |
Purchases of treasury stock | -45,136 | -648,595 |
Proceeds from (used in) public and private stock offerings | -22,772 | 1,786,267 |
Net cash provided by financing activities | 14,893,411 | 11,120,128 |
Decrease in cash | -339,036 | -16,758,237 |
Cash and cash equivalents, beginning of period | 10,947,474 | 27,705,711 |
Cash and cash equivalents, end of period | $10,608,438 | $10,947,474 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows Supplemental Disclosures | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||
Cash Flow, Supplemental Disclosures [Text Block] | ' | ||||
First Trinity Financial Corporation and Subsidiaries | |||||
Consolidated Statements of Cash Flows (continued) | |||||
Supplemental Disclosures | |||||
In 2013, the Company foreclosed on a delinquent note receivable and recovered the former home office building of Southern Insurance Services, LLC that was subsequently sold during the third quarter of 2013. In conjunction with this 2013 transaction, the non-cash impact on investing and finance activities is summarized as follows: | |||||
Year Ended December 31, 2013 | |||||
Reduction in notes receivable for recovery of investment real estate | $ | 125,464 | |||
Recognition of investment real estate from foreclosure | $ | 125,464 | |||
In 2012, the Company issued 378,928 shares in connection with a 5% share dividend payable to the holders of shares of the Company as of March 10, 2012. In conjunction with the 2012 stock dividend, the non-cash impact on investing and financing activities is summarized as follows: | |||||
Year Ended December 31, 2012 | |||||
Fair value of shares issued in connection with the stock dividend (378,928 shares issued in 2012) | $ | 2,841,960 | |||
Reduction in accumulated earnings (deficit) | (2,841,960 | ) | |||
Increase in common stock, par value $.01 | 3,789 | ||||
Increase in additional paid-in-capital | 2,838,171 | ||||
Change in shareholders' equity | $ | - | |||
Note_1_Organization_and_Signif
Note 1 - Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
1. Organization and Significant Accounting Policies | |
Nature of Operations | |
First Trinity Financial Corporation (the “Company”) is the parent holding company of Trinity Life Insurance Company, Family Benefit Life Insurance Company, First Trinity Capital Corporation and Southern Insurance Services, LLC. The Company was incorporated in Oklahoma on April 19, 2004, for the primary purpose of organizing a life insurance subsidiary. The Company raised $1,450,000 from two private placement stock offerings during 2004. | |
On June 22, 2005, the Company’s intrastate public stock offering filed with the Oklahoma Department of Securities for $12,750,000, which included a 10% "over-sale" provision (additional sales of $1,275,000), was declared effective. The offering was completed February 23, 2007. The Company raised $14,025,000 from this offering. | |
On June 29, 2010, the Company commenced a public offering of its common stock registered with the U.S. Securities and Exchange Commission and the Oklahoma Department of Securities. The offering was completed April 30, 2012. The Company raised $11,000,010 from this offering. | |
On August 15, 2012, the Company commenced a private placement of its common stock primarily in the states of Kansas, Missouri and South Dakota. The private placement was for 600,000 shares of the Company’s common stock for $8.50 per share. If all shares would have been sold, the Company would have received $4,335,000 after reduction for estimated offering expenses. This offering was suspended on March 8, 2013 and resulted in gross proceeds of $644,470 from the subscription of 75,820 shares of its common stock and incurred $321,944 in offering costs. | |
The Company purchased First Life America Corporation (“FLAC”) on December 23, 2008. On August 31, 2009, two of the Company’s subsidiaries, Trinity Life Insurance Company (“Old TLIC”) and FLAC, were merged, with FLAC being the surviving company. Immediately following the merger, FLAC changed its name to Trinity Life Insurance Company (“TLIC”). After the merger, the Company had two wholly owned subsidiaries, First Trinity Capital Corporation (“FTCC”) and TLIC, domiciled in Oklahoma. | |
TLIC is primarily engaged in the business of marketing, underwriting and distributing a broad range of individual life and annuity insurance products to individuals in eight states primarily in the Midwest. TLIC’s current product portfolio consists of a modified premium whole life insurance policy with a flexible premium deferred annuity rider, whole life, term, final expense, accidental death and dismemberment and annuity products. The term products are both renewable and convertible and issued for 10, 15, 20 and 30 years. They can be issued with premiums fully guaranteed for the entire term period or with a limited premium guarantee. The final expense product is issued as either a simplified issue or as a graded benefit, determined by underwriting. TLIC also offers various annuity and deposit-type liability products. The products are sold through independent agents in the states of Illinois, Kansas, Kentucky, Nebraska, North Dakota, Ohio, Oklahoma and Texas. | |
TLIC purchased Family Benefit Life Insurance Company (“Family Benefit Life”) on December 28, 2011. Family Benefit Life is primarily engaged in the business of marketing, underwriting and distributing a broad range of individual life and annuity insurance products to individuals in sixteen states. Family Benefit Life’s current product portfolio consists of whole life, term, accidental death and dismemberment, annuity, endowment and group life insurance products. The products are sold through independent agents in the states of Arizona, Colorado, Kansas, Missouri, Nebraska, New Mexico and Oklahoma. In late 2012, Family Benefit Life was initially licensed in Arkansas, Indiana, Kentucky, North Dakota, South Dakota, Texas and West Virginia. In 2013, Family Benefit Life was initially licensed in Illinois and Pennsylvania. | |
FTCC was incorporated in 2006, and began operations in January 2007. FTCC provides financing for casualty insurance premiums for individuals and companies and is licensed to conduct premium financing business in the states of Alabama, Arkansas, Louisiana, Mississippi and Oklahoma. | |
The Company’s management decided to focus on the Company’s core life and annuity insurance business and discontinue offering premium finance contracts. Specifically on May 16, 2012, the Company determined and then announced that FTCC would not accept new premium financing contracts after June 30, 2012. FTCC continued to process payments and service all existing premium financing contracts after June 30, 2012 through the duration that the property and casualty premium financing contracts were in force. The Company virtually completed processing and servicing its premium finance operations on June 30, 2013 subject to minor refunds, minor collections of past due accounts and legal matters. The Company incurred minimal costs related to exiting its premium financing operations since resources were redeployed into its growing life and annuity insurance operations. | |
The Company also owns 100% of Southern Insurance Services, LLC, (“SIS”), a limited liability company acquired in 2009, that operated as a property and casualty insurance agency but currently has no operations. | |
Basis of Presentation | |
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). | |
Principles of Consolidation | |
The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. | |
Reclassifications | |
Certain reclassifications have been made in the prior year financial statements to conform to current year classifications. These reclassifications had no effect on previously reported net income or shareholders' equity. | |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. | |
Investments | |
Fixed maturity securities are comprised of bonds that are classified as available-for-sale and are carried at fair value with unrealized gains and losses, net of applicable income taxes, reported in accumulated other comprehensive income. The amortized cost of fixed maturity securities available-for-sale is adjusted for amortization of premium and accretion of discount to maturity. | |
Interest income, as well as the related amortization of premium and accretion of discount, is included in net investment income under the effective yield method. The amortized cost of fixed maturity securities available-for-sale is written down to fair value when a decline in value is considered to be other-than-temporary. | |
Equity securities available-for-sale is comprised of mutual funds, common stocks and preferred stocks that are carried at fair value. The associated unrealized gains and losses, net of applicable income taxes, are included in accumulated other comprehensive income. The cost of equity securities available-for-sale is written down to fair value when a decline in value is considered to be other-than-temporary. Dividends from these investments are recognized in net investment income when declared. | |
The Company evaluates the difference between the cost or amortized cost and estimated fair value of its investments to determine whether any decline in value is other-than-temporary in nature. This determination involves a degree of uncertainty. If a decline in the fair value of a security is determined to be temporary, the decline is recorded as an unrealized loss in stockholders' equity. If a decline in a security's fair value is considered to be other-than-temporary, the Company then determines the proper treatment for the other-than-temporary impairment. For fixed maturity securities available-for-sale, the amount of any other-than-temporary impairment related to a credit loss is recognized in earnings and reflected as a reduction in the cost basis of the security; and the amount of any other-than-temporary impairment related to other factors is recognized in other comprehensive income (loss) with no change to the cost basis of the security. For equity securities available-for-sale, the amount of any other-than-temporary impairment is recognized in earnings and reflected as a reduction in the cost basis of the security. | |
The assessment of whether a decline in fair value is considered temporary or other-than-temporary includes management's judgment as to the financial position and future prospects of the entity issuing the security. It is not possible to accurately predict when it may be determined that a specific security will become impaired. Future adverse changes in market conditions, poor operating results of underlying investments and defaults on mortgage loan payments could result in losses or an inability to recover the current carrying value of the investments, thereby possibly requiring an impairment charge in the future. | |
Likewise, if a change occurs in the Company’s intent to sell temporarily impaired securities prior to maturity or recovery in value, or if it becomes more likely than not that the Company will be required to sell such securities prior to recovery in value or maturity, a future impairment charge could result. | |
If an other-than-temporary impairment related to a credit loss occurs with respect to a bond, the Company amortizes the reduced book value back to the security's expected recovery value over the remaining term of the bond. The Company continues to review the security for further impairment that would prompt another write-down in the value. | |
Mortgage loans are carried at unpaid balances, net of unamortized premium or discounts. Interest income and the amortization of premiums or discounts are included in net investment income. Mortgage loan fees, certain direct loan origination costs, and purchase premiums and discounts on loans are recognized as an adjustment of yield by the interest method based on the contractual terms of the loan. In certain circumstances, prepayments may be anticipated. The Company has established a valuation allowance for mortgage loans on real estate that are not supported by funds held in escrow. | |
Investment real estate is carried at cost less accumulated depreciation. Depreciation on investment real estate is calculated over an estimated useful life of 19 years. | |
Policy loans are carried at unpaid principal balances. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. | |
Other long term investments are comprised of lottery prize receivables and are carried at amortized cost, net of unamortized discount. Interest income and the accretion of discount are included in net investment income. | |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash on hand, amounts due from banks and money market instruments. | |
Investment Income and Realized Gains and Losses on Sales of Investments | |
Interest and dividends earned on investments are included in net investment income. Realized gains and losses on sales of investments are recognized in operations on the specific identification basis. | |
Deferred Policy Acquisition Costs | |
Commissions and other acquisition costs which vary with and are primarily related to the successful production of new business are deferred and amortized in a systematic manner based on the related contract revenues or gross profits as appropriate. Recoverability of deferred acquisition costs is evaluated periodically by comparing the current estimate of the present value of expected pretax future profits to the unamortized asset balance. If this current estimate is less than the existing balance, the difference is charged to expense. | |
Deferred acquisition costs for the successful production of traditional life insurance contracts are deferred to the extent deemed recoverable and amortized over the premium paying period of the related policies using assumptions consistent with those used in computing future policy benefit liabilities. Deferred acquisition costs related to the successful production of insurance and annuity products that subject the Company to mortality or morbidity risk over a period that extends beyond the period or periods in which premiums are collected and that have terms that are fixed and guaranteed (i.e., limited-payment long-duration annuity contracts) are deferred to the extent deemed recoverable and amortized in relation to the present value of actual and expected gross profits on the policies. | |
To the extent that realized gains and losses on fixed income securities result in adjustments to deferred acquisition costs related to insurance and annuity products, such adjustments are reflected as a component of the amortization of deferred acquisition costs. Deferred acquisition costs related to limited-payment long-duration insurance and annuity contracts are also adjusted, net of tax, for the change in amortization that would have been recorded if the unrealized gains (losses) from available-for-sale securities had actually been realized. This adjustment is included in the change in net unrealized appreciation (depreciation) on available-for-sale securities, a component of “Accumulated Other Comprehensive Income” in the shareholders’ equity section of the statement of financial position. | |
Loans from Premium Financing | |
Loans from premium financing are carried at their outstanding unpaid principal balances, net of unearned interest, charge-offs and an allowance for loan losses. Interest on loans is earned based on the interest method for computing unearned interest. The rule of 78s is used to calculate the amount of the interest charge to be forgiven in the event that a loan is repaid prior to the agreed upon number of monthly payments. When serious doubt concerning collectability arises, loans are placed on a nonaccrual basis. Generally if no payment is received after one hundred twenty days, all accrued and uncollected interest income is reversed against current period operations. Interest income on nonaccrual loans is recognized only when the loan is paid in full. Loan origination fees and costs are charged to expense as incurred. | |
Allowance for Loan Losses from Premium Financing | |
The allowance for possible loan losses from financing casualty insurance premiums is a reserve established through a provision for possible loan losses charged to expense which represents, in management’s judgment, the known and inherent credit losses existing in the loan portfolio. The allowance, in the judgment of management, is necessary to reserve for estimated loan losses inherent in the loan portfolio and reduces the carrying value of the loans from premium financing to the estimated net realizable value on the statement of financial position. | |
While management utilizes its best judgment and information available, the ultimate adequacy of the allowance is dependent upon a variety of factors beyond the Company’s control, including the performance of the Company’s loan portfolio, the economy and changes in interest rates. The Company’s allowance for possible loan losses consists of specific valuation allowances established for probable losses on specific loans and a portfolio reserve for probable incurred but not specifically identified loans. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. | |
Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis. | |
Property and Equipment | |
Property and equipment are carried at cost less accumulated depreciation or amortization. Office furniture, equipment and computer software is recorded at cost or fair value at acquisition less accumulated depreciation or amortization using the straight-line method over the estimated useful life of the respective assets of three to ten years. Leasehold improvements are recorded at cost and depreciated over the remaining non-cancellable lease term. | |
Reinsurance | |
The Company cedes reinsurance under various agreements allowing management to control exposure to potential losses arising from large risks and providing additional capacity for growth. Estimated reinsurance recoverable balances are reported as assets and are recognized in a manner consistent with the liabilities related to the underlying reinsured contracts. | |
Value of Insurance Business Acquired | |
As a result of the Company’s purchase of FLAC and Family Benefit Life, an asset was recorded in the application of purchase accounting to recognize the value of acquired insurance in force. The Company’s value of acquired insurance in force is an intangible asset with a definite life and is amortized under Financial Accounting Standards Board (“FASB”) guidance. The value of acquired insurance in force is amortized primarily over the emerging profit of the related policies using the same assumptions that were used in computing liabilities for future policy benefits. | |
For the amortization of the value of acquired insurance in force, the Company periodically reviews its estimates of gross profits. The most significant assumptions involved in the estimation of gross profits include interest rate spreads, future financial market performance, business surrender/lapse rates, mortality and morbidity, expenses and the impact of realized investment gains and losses. In the event actual experience differs significantly from assumptions or assumptions are significantly revised, the Company is required to record a charge or credit to amortization expense for the period in which an adjustment is made. | |
As of December 31, 2013 and 2012, there was $1,653,087 and $1,230,982, respectively, of accumulated amortization of the value of insurance business acquired due to the purchases of FLAC and Family Benefit Life. The Company expects to amortize the value of insurance business acquired by the following amounts over the next five years: $444,757 in 2014, $419,319 in 2015, $387,194 in 2016, $359,659 in 2017 and $308,631 in 2018. | |
Other Assets and Other Liabilities | |
Other assets consist primarily of prepaid expenses, recoverable federal and state income taxes, guaranty funds, notes receivable, customer account balances receivable and receivables for securities sold with trade dates and settlement dates in different years. Other liabilities consist primarily of accrued expenses, account payables, deposits on pending policy applications, unearned investment income and payable for securities purchased with trade dates and settlement dates in different years. | |
Policyholders’ Account Balances | |
The Company’s liability for policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the financial statement date. This liability is generally equal to the accumulated account deposits plus interest credited less policyholders’ withdrawals and other charges assessed against the account balance. Interest crediting rates for individual annuities range from 2.25% to 5.00%. Interest crediting rates for deposit-type liabilities range from 3.00% to 5.25%. | |
Future Policy Benefits | |
The Company’s liability for future policy benefits is primarily comprised of the present value of estimated future payments to or on behalf of policyholders, where the timing and amount of payment depends on policyholder mortality or morbidity, less the present value of future net premiums. For life insurance and annuity products, expected mortality and morbidity is generally based on the Company’s historical experience or standard industry tables including a provision for the risk of adverse deviation. Interest rate assumptions are based on factors such as market conditions and expected investment returns. Although mortality, morbidity and interest rate assumptions are “locked-in” upon the issuance of new insurance with fixed and guaranteed terms, significant changes in experience or assumptions may require the Company to provide for expected future losses on a product by establishing premium deficiency reserves. | |
Policy Claims | |
Policy claim liabilities represent the estimated liabilities for claims reported plus estimated incurred but not yet reported claims developed from trends of historical market data applied to current exposure. | |
Federal Income Taxes | |
The Company uses the liability method of accounting for income taxes. Deferred income taxes are provided for cumulative temporary differences between balances of assets and liabilities determined under GAAP and balances determined using tax bases. A valuation allowance is established for the amount of the deferred tax asset that exceeds the amount of the estimated future taxable income needed to utilize the future tax benefits. | |
Common Stock | |
Common stock is fully paid, non-assessable and has a par value of $.01 per share. | |
On January 11, 2012, the Company’s Board of Directors approved a 5% common stock dividend by which shareholders received a share of common stock for each 20 shares of common stock of the Company they held. The dividend was payable to the holders of shares of the Company as of March 10, 2012. Fractional shares were rounded to the nearest whole number of shares. The Company issued 378,928 shares in connection with the stock dividend that resulted in accumulated earnings being charged $2,841,960 with an offsetting credit of $2,841,960 to common stock and additional paid-in capital. | |
These stock dividends were non-cash investing and financing activities. | |
Accumulated Other Comprehensive Income | |
FASB guidance requires the inclusion of unrealized gains or losses on available-for-sale securities, net of tax, as a component of other comprehensive income. Unrealized gains and losses recognized in accumulated other comprehensive income that are later recognized in net income through a reclassification adjustment are identified on the specific identification method. | |
In addition, deferred acquisition costs related to limited-payment long-duration insurance and annuity contracts are also adjusted, net of tax, for the change in amortization that would have been recorded if the unrealized gains (losses) from available-for-sale securities had actually been realized. This adjustment is included in the change in net unrealized appreciation (depreciation) on available-for-sale securities, a component of “Accumulated Other Comprehensive Income” in the shareholders’ equity section of the statement of financial position. | |
Revenues and Expenses | |
Revenues on traditional life insurance products consist of direct premiums reported as earned when due. Liabilities for future policy benefits are provided and acquisition costs are amortized in a systematic manner based on the related contract revenues or gross profits as appropriate. Acquisition costs for traditional life insurance contracts are deferred to the extent deemed recoverable and are amortized over the premium paying period of the related policies using assumptions consistent with those used in computing future policy benefit liabilities. Traditional life insurance products are treated as long-duration contracts since they are ordinary whole life insurance products, which generally remain in force for the lifetime of the insured. | |
Deferred acquisition costs related to insurance and annuity products that subject the Company to mortality or morbidity risk over a period that extends beyond the period or periods in which premiums are collected and that have terms that are fixed and guaranteed are deferred to the extent deemed recoverable and amortized in relation to the present value of actual and expected gross profits on the policies. These insurance and annuity contracts are treated as long-duration insurance contracts since the Company is subject to risk from policyholder mortality and morbidity over an extended period. | |
Income from premium financing includes cancellation and late fees. | |
Net Income per Common Share | |
Net income per common share basic and diluted is calculated using the weighted average number of common shares outstanding and subscribed during the year. The weighted average outstanding and subscribed common shares basic and diluted for the years ended December 31, 2013 and 2012 were 7,852,014 and 7,883,901 respectively. These weighted average shares reflect the retrospective adjustment for the impact of the 5% stock dividend declared by the Company on January 11, 2012 and payable to holders of shares of the Company as of March 10, 2012. | |
Subsequent Events | |
Management has evaluated all events subsequent to December 31, 2013 through the date that these financial statements have been issued. | |
Recent Accounting Pronouncements | |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | |
In February 2013, the FASB issued updated guidance to improve the reporting of reclassifications out of accumulated other comprehensive income. The guidance requires an entity to present, either on the face of the statement of operations or in the notes, separately for each component of comprehensive income, the current period reclassifications out of accumulated other comprehensive income by the respective line items of net income affected by the reclassification. | |
The updated guidance is effective prospectively for reporting periods beginning after December 15, 2012. The Company adopted the updated guidance effective March 31, 2013, and such adoption did not have any effect on the Company’s results of operations, financial position or liquidity. |
Note_2_Investments
Note 2 - Investments | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||||||
2. Investments | |||||||||||||||||||||||||||||||||
Fixed Maturity and Equity Securities Available-For-Sale | |||||||||||||||||||||||||||||||||
Investments in fixed maturity and equity securities available-for-sale as of December 31, 2013 and 2012 are summarized as follows: | |||||||||||||||||||||||||||||||||
31-Dec-13 | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||||||||||
U.S. government and U.S. government agencies | $ | 3,163,203 | $ | 177,700 | $ | 285,282 | $ | 3,055,621 | |||||||||||||||||||||||||
States and political subdivisions | 209,495 | 601 | 9,698 | 200,398 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 86,022 | 62,588 | - | 148,610 | |||||||||||||||||||||||||||||
Corporate bonds | 89,683,844 | 3,332,305 | 1,262,513 | 91,753,636 | |||||||||||||||||||||||||||||
Foreign bonds | 5,076,259 | 234,153 | 38,966 | 5,271,446 | |||||||||||||||||||||||||||||
Total fixed maturity securities | 98,218,823 | 3,807,347 | 1,596,459 | 100,429,711 | |||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||
Mutual funds | 68,808 | 15,759 | - | 84,567 | |||||||||||||||||||||||||||||
Corporate preferred stock | 347,905 | 21,752 | 32,605 | 337,052 | |||||||||||||||||||||||||||||
Corporate common stock | 150,984 | 144,830 | - | 295,814 | |||||||||||||||||||||||||||||
Total equity securities | 567,697 | 182,341 | 32,605 | 717,433 | |||||||||||||||||||||||||||||
Total fixed maturity and equity securities | $ | 98,786,520 | $ | 3,989,688 | $ | 1,629,064 | $ | 101,147,144 | |||||||||||||||||||||||||
31-Dec-12 | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||||||||||
U.S. government and U.S. government agencies | $ | 2,577,074 | $ | 256,628 | $ | 5,769 | $ | 2,827,933 | |||||||||||||||||||||||||
States and political subdivisions | 264,854 | 1,970 | 4,539 | 262,285 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 107,229 | 67,890 | - | 175,119 | |||||||||||||||||||||||||||||
Corporate bonds | 84,325,622 | 6,578,982 | 83,812 | 90,820,792 | |||||||||||||||||||||||||||||
Foreign bonds | 4,268,529 | 344,630 | 39,491 | 4,573,668 | |||||||||||||||||||||||||||||
Total fixed maturity securities | 91,543,308 | 7,250,100 | 133,611 | 98,659,797 | |||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||
Mutual funds | 162,447 | 40,795 | - | 203,242 | |||||||||||||||||||||||||||||
Corporate preferred stock | 347,905 | 24,415 | - | 372,320 | |||||||||||||||||||||||||||||
Corporate common stock | 185,494 | 82,441 | - | 267,935 | |||||||||||||||||||||||||||||
Total equity securities | 695,846 | 147,651 | - | 843,497 | |||||||||||||||||||||||||||||
Total fixed maturity and equity securities | $ | 92,239,154 | $ | 7,397,751 | $ | 133,611 | $ | 99,503,294 | |||||||||||||||||||||||||
All securities in an unrealized loss position as of the financial statement dates, the estimated fair value, pre-tax gross unrealized loss and number of securities by length of time that those securities have been continuously in an unrealized loss position as of December 31, 2013 and 2012 are summarized as follows: | |||||||||||||||||||||||||||||||||
31-Dec-13 | Fair Value | Unrealized | Number of | ||||||||||||||||||||||||||||||
Loss | Securities | ||||||||||||||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||||||||||
Less than 12 months | |||||||||||||||||||||||||||||||||
U.S. government and U.S. government agencies | $ | 1,144,718 | $ | 285,282 | 3 | ||||||||||||||||||||||||||||
States and political subdivisions | 97,934 | 9,698 | 1 | ||||||||||||||||||||||||||||||
Corporate bonds | 31,495,624 | 1,225,816 | 141 | ||||||||||||||||||||||||||||||
Foreign bonds | 1,364,449 | 38,966 | 5 | ||||||||||||||||||||||||||||||
Total less than 12 months | 34,102,725 | 1,559,762 | 150 | ||||||||||||||||||||||||||||||
More than 12 months | |||||||||||||||||||||||||||||||||
Corporate bonds | 531,683 | 36,697 | 4 | ||||||||||||||||||||||||||||||
Total more than 12 months | 531,683 | 36,697 | 4 | ||||||||||||||||||||||||||||||
Total fixed maturity securities | 34,634,408 | 1,596,459 | 154 | ||||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||
Less than 12 months | |||||||||||||||||||||||||||||||||
Corporate preferred stock | 185,840 | 32,605 | 3 | ||||||||||||||||||||||||||||||
Total equity securities | 185,840 | 32,605 | 3 | ||||||||||||||||||||||||||||||
Total fixed maturity and equity securities | $ | 34,820,248 | $ | 1,629,064 | 157 | ||||||||||||||||||||||||||||
31-Dec-12 | Fair Value | Unrealized | Number of | ||||||||||||||||||||||||||||||
Loss | Securities | ||||||||||||||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||||||||||
Less than 12 months | |||||||||||||||||||||||||||||||||
U.S. government and U.S. government agencies | $ | 594,232 | $ | 5,769 | 1 | ||||||||||||||||||||||||||||
States and political subdivisions | 104,243 | 4,539 | 1 | ||||||||||||||||||||||||||||||
Corporate bonds | 5,772,021 | 83,812 | 28 | ||||||||||||||||||||||||||||||
Foreign bonds | 916,406 | 39,491 | 5 | ||||||||||||||||||||||||||||||
Total fixed maturity securities | $ | 7,386,902 | $ | 133,611 | 35 | ||||||||||||||||||||||||||||
As of December 31, 2013, all of the above fixed maturity securities had a fair value to cost ratio equal to or greater than 77%. As of December 31, 2012, all of the above fixed maturity securities had a fair value to cost ratio equal to or greater than 93%. | |||||||||||||||||||||||||||||||||
Fixed maturity securities were 96% and 95% investment grade as rated by Standard & Poor’s as of December 31, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||||||
As of December 31, 2013, all of the above equity securities had a fair value to cost ratio equal to or greater than 78%. | |||||||||||||||||||||||||||||||||
There were no equity securities in an unrealized loss position as of December 31, 2012. | |||||||||||||||||||||||||||||||||
The Company’s decision to record an impairment loss is primarily based on whether the security’s fair value is likely to remain significantly below its book value based on all of the factors considered. Factors that are considered include the length of time the security’s fair value has been below its carrying amount, the severity of the decline in value, the credit worthiness of the issuer, and the coupon and/or dividend payment history of the issuer. The Company also assesses whether it intends to sell or whether it is more likely than not that it may be required to sell the security prior to its recovery in value. | |||||||||||||||||||||||||||||||||
For any fixed maturity securities that are other-than-temporarily impaired, the Company determines the portion of the other-than-temporary impairment that is credit-related and the portion that is related to other factors. The credit-related portion is the difference between the expected future cash flows and the amortized cost basis of the fixed maturity security, and that difference is charged to earnings. The non-credit-related portion representing the remaining difference to fair value is recognized in other comprehensive income (loss). Only in the case of a credit-related impairment where management has the intent to sell the security, or it is more likely than not that it will be required to sell the security before recovery of its cost basis, is a fixed maturity security adjusted to fair value and the resulting losses recognized in realized gains (losses) in the consolidated statements of operations. Any other-than-temporary impairments on equity securities are recorded in the consolidated statements of operations in the periods incurred as the difference between fair value and cost. | |||||||||||||||||||||||||||||||||
Based on management’s review, an equity security with a carrying value of $42,500 was deemed to be fully impaired in fourth quarter 2013 with the decrease in value reported as a realized loss. The Company experienced no other-than-temporary impairments during the year ended December 31, 2012. | |||||||||||||||||||||||||||||||||
Management believes that the Company will fully recover its cost basis in the securities held as of December 31, 2013, and management does not have the intent to sell nor is it more likely than not that the Company will be required to sell such securities until they recover or mature. The remaining temporary impairments shown herein are primarily the result of the current interest rate environment rather than credit factors that would imply other-than-temporary impairment. | |||||||||||||||||||||||||||||||||
Net unrealized gains included in other comprehensive income for investments classified as available-for-sale, net of the effect of deferred income taxes and deferred acquisition costs assuming that the appreciation had been realized as of December 31, 2013 and 2012 are summarized as follows: | |||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
Unrealized appreciation on available-for-sale securities | $ | 2,360,624 | $ | 7,264,140 | |||||||||||||||||||||||||||||
Adjustment to deferred acquisition costs | (12,927 | ) | (38,299 | ) | |||||||||||||||||||||||||||||
Deferred income taxes | (469,540 | ) | (1,445,171 | ) | |||||||||||||||||||||||||||||
Net unrealized appreciation on available-for-sale securities | $ | 1,878,157 | $ | 5,780,670 | |||||||||||||||||||||||||||||
The amortized cost and fair value of fixed maturity available-for-sale securities as of December 31, 2013, by contractual maturity, are summarized as follows: | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||||
Due in one year or less | $ | 6,928,621 | $ | 7,105,701 | |||||||||||||||||||||||||||||
Due in one year through five years | 33,186,100 | 35,036,112 | |||||||||||||||||||||||||||||||
Due after five years through ten years | 46,779,589 | 47,441,338 | |||||||||||||||||||||||||||||||
Due after ten years | 11,238,491 | 10,697,950 | |||||||||||||||||||||||||||||||
Due at multiple maturity dates | 86,022 | 148,610 | |||||||||||||||||||||||||||||||
$ | 98,218,823 | $ | 100,429,711 | ||||||||||||||||||||||||||||||
Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||||||||
Proceeds and gross realized gains (losses) from the sales, calls and maturities of fixed maturity and equity securities available-for-sale, mortgage loans on real estate and investment real estate for the years ended December 31, 2013 and 2012 are summarized as follows: | |||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||
Fixed Maturity Securities | Equity Securities | Mortgage Loans on Real Estate | Investment Real Estate | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Proceeds | $ | 10,805,866 | $ | 9,511,967 | $ | 97,975 | $ | 1,114,426 | $ | 2,323,743 | $ | - | $ | 180,000 | $ | 512,500 | |||||||||||||||||
Gross realized gains | 925,571 | 240,255 | 3 | 442,737 | 264,396 | - | - | 75,832 | |||||||||||||||||||||||||
Gross realized losses | (10,562 | ) | (11,935 | ) | (46,957 | ) | - | - | - | - | - | ||||||||||||||||||||||
Other income | - | - | - | - | - | - | 3,047 | - | |||||||||||||||||||||||||
The accumulated change in net unrealized investment gains for fixed maturity and equity securities available-for-sale for the years ended December 31, 2013 and 2012 and the amount of realized investment gains (losses) on fixed maturity and equity securities available-for-sale and mortgage loans on real estate and investment real estate for the years ended December 31, 2013 and 2012 are summarized as follows: | |||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Change in unrealized investment gains: | |||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | (4,905,601 | ) | $ | 4,193,385 | ||||||||||||||||||||||||||||
Equity securities | 2,085 | (301 | ) | ||||||||||||||||||||||||||||||
Net realized investment gains (losses): | |||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||
Fixed maturity securities | 915,009 | 228,320 | |||||||||||||||||||||||||||||||
Equity securities | (46,954 | ) | 442,737 | ||||||||||||||||||||||||||||||
Mortgage loans on real estate | 264,396 | - | |||||||||||||||||||||||||||||||
Investment real estate | - | 75,832 | |||||||||||||||||||||||||||||||
Mortgage Loans on Real Estate | |||||||||||||||||||||||||||||||||
The Company’s mortgage loans by property type as of December 31, 2013 and 2012 are summarized as follows: | |||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
Amount | Percentage | Amount | Percentage | ||||||||||||||||||||||||||||||
Commercial mortgage loans | |||||||||||||||||||||||||||||||||
Retail stores | $ | 1,901,937 | 9.95 | % | $ | 2,043,825 | 19.59 | % | |||||||||||||||||||||||||
Office buildings | 212,451 | 1.11 | % | 223,735 | 2.14 | % | |||||||||||||||||||||||||||
Total commercial mortgage loans | $ | 2,114,388 | 11.06 | % | $ | 2,267,560 | 21.73 | % | |||||||||||||||||||||||||
Residential mortgage loans | 17,010,481 | 88.94 | % | 8,168,216 | 78.27 | % | |||||||||||||||||||||||||||
Total mortgage loans | $ | 19,124,869 | 100 | % | $ | 10,435,776 | 100 | % | |||||||||||||||||||||||||
The outstanding principal balance of mortgage loans, by the most significant states, as of December 31, 2013 and 2012 are summarized as follows: | |||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
Amount | Percentage | Amount | Percentage | ||||||||||||||||||||||||||||||
Georgia | $ | 3,947,488 | 20.64 | % | $ | 1,960,384 | 18.79 | % | |||||||||||||||||||||||||
Texas | 3,619,103 | 18.92 | % | 1,076,014 | 10.31 | % | |||||||||||||||||||||||||||
California | 2,140,098 | 11.19 | % | 995,025 | 9.53 | % | |||||||||||||||||||||||||||
Missouri | 1,819,599 | 9.51 | % | 1,381,279 | 13.24 | % | |||||||||||||||||||||||||||
Colorado | 1,312,331 | 6.86 | % | 1,089,059 | 10.44 | % | |||||||||||||||||||||||||||
Florida | 1,241,883 | 6.49 | % | 940,363 | 9.01 | % | |||||||||||||||||||||||||||
New York | 714,142 | 3.73 | % | 739,884 | 7.09 | % | |||||||||||||||||||||||||||
Washington | 482,120 | 2.52 | % | - | 0 | % | |||||||||||||||||||||||||||
Michigan | 448,244 | 2.34 | % | 311,173 | 2.98 | % | |||||||||||||||||||||||||||
Arizona | 324,720 | 1.7 | % | 337,179 | 3.23 | % | |||||||||||||||||||||||||||
North Carolina | 305,712 | 1.6 | % | - | 0 | % | |||||||||||||||||||||||||||
Utah | 285,120 | 1.49 | % | 295,556 | 2.83 | % | |||||||||||||||||||||||||||
Louisiana | 268,095 | 1.4 | % | 181,357 | 1.74 | % | |||||||||||||||||||||||||||
Connecticut | 254,288 | 1.33 | % | - | 0 | % | |||||||||||||||||||||||||||
Pennsylvania | 253,326 | 1.32 | % | 268,040 | 2.57 | % | |||||||||||||||||||||||||||
Indiana | 249,120 | 1.3 | % | - | 0 | % | |||||||||||||||||||||||||||
Tennessee | 219,758 | 1.15 | % | - | 0 | % | |||||||||||||||||||||||||||
Kentucky | 216,690 | 1.13 | % | 109,748 | 1.05 | % | |||||||||||||||||||||||||||
Massachusetts | - | 0 | % | 206,665 | 1.98 | % | |||||||||||||||||||||||||||
All other states | 1,023,032 | 5.38 | % | 544,050 | 5.21 | % | |||||||||||||||||||||||||||
$ | 19,124,869 | 100 | % | $ | 10,435,776 | 100 | % | ||||||||||||||||||||||||||
There were two loans more than 90 days past due as of December 31, 2013 with remaining principal balances of $86,861. There was one loan more than 90 days past due as of December 31, 2012 with a remaining principal balance of $141,150. There were no mortgage loans in default as of December 31, 2013 and 2012. There was an allowance for losses established in 2013 that aggregated $58,195 as of December 31, 2013. As of December 31, 2013, $201,936 of cash and $203,841 of independent mortgage loan balances are held in escrow by a third party for the benefit of the Company related to its investment in mortgage loans on real estate with one loan originator. | |||||||||||||||||||||||||||||||||
Investment real estate | |||||||||||||||||||||||||||||||||
TLIC owns approximately six and one-half acres of land located in Topeka, Kansas that includes a 20,000 square foot office building on approximately one-half of this land. In addition, through September 30, 2012, Family Benefit Life owned one and one-half acres of land located in Jefferson City, Missouri with two buildings located on one acre of the land. These two buildings were sold in October 2012. In late 2013, the Company purchased one acre of land in Greensburg, Indiana that included a 3,975 square foot retail building on approximately 8% of this land. Also in late 2013, the Company purchased another acre of land in Norman, Oklahoma that included a 9,100 square foot retail building on approximately 18% of this land. | |||||||||||||||||||||||||||||||||
The Company’s investment real estate as of December 31, 2013 and 2012 is summarized as follows: | |||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
Land | $ | 1,453,135 | $ | 895,968 | |||||||||||||||||||||||||||||
Buildings | 5,688,816 | 2,411,629 | |||||||||||||||||||||||||||||||
Less - accumulated depreciation | (609,980 | ) | (448,832 | ) | |||||||||||||||||||||||||||||
Buildings net of accumulated depreciation | 5,078,836 | 1,962,797 | |||||||||||||||||||||||||||||||
Investment real estate, net of accumulated depreciation | $ | 6,531,971 | $ | 2,858,765 | |||||||||||||||||||||||||||||
Other Long-Term Investments | |||||||||||||||||||||||||||||||||
The Company’s investment in lottery prize cash flows was $21,763,648 and $19,560,794 as of December 31, 2013 and 2012, respectively. The lottery prize cash flows are assignments of the future rights from lottery winners purchased at a discounted price. Payments on these investments are made by state run lotteries. | |||||||||||||||||||||||||||||||||
The amortized cost and estimated fair value of lottery prize cash flows, by contractual maturity, as of December 31, 2013 are summarized as follows: | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||||||
Due in one year or less | $ | 3,671,560 | $ | 3,713,886 | |||||||||||||||||||||||||||||
Due in one year through five years | 9,713,960 | 10,439,713 | |||||||||||||||||||||||||||||||
Due in five years through ten years | 5,891,077 | 7,098,060 | |||||||||||||||||||||||||||||||
Due after ten years | 2,487,051 | 3,477,051 | |||||||||||||||||||||||||||||||
$ | 21,763,648 | $ | 24,728,710 | ||||||||||||||||||||||||||||||
The outstanding balance of lottery prize cash flows, by state lottery, as of December 31, 2013 and 2012 are summarized as follows: | |||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
Amount | Percentage | Amount | Percentage | ||||||||||||||||||||||||||||||
New York | $ | 10,765,595 | 49.46 | % | $ | 9,001,771 | 46.01 | % | |||||||||||||||||||||||||
Massachusetts | 3,856,116 | 17.72 | % | 3,568,563 | 18.24 | % | |||||||||||||||||||||||||||
Texas | 1,330,004 | 6.11 | % | 1,302,576 | 6.66 | % | |||||||||||||||||||||||||||
Georgia | 995,151 | 4.57 | % | 1,066,346 | 5.45 | % | |||||||||||||||||||||||||||
California | 896,920 | 4.12 | % | 952,335 | 4.87 | % | |||||||||||||||||||||||||||
Connecticut | 615,310 | 2.83 | % | 648,779 | 3.32 | % | |||||||||||||||||||||||||||
Illinois | 601,146 | 2.76 | % | 571,755 | 2.92 | % | |||||||||||||||||||||||||||
Pennsylvania | 441,042 | 2.03 | % | 507,649 | 2.6 | % | |||||||||||||||||||||||||||
Michigan | 343,241 | 1.58 | % | 353,487 | 1.81 | % | |||||||||||||||||||||||||||
Virginia | 339,605 | 1.56 | % | 492,241 | 2.52 | % | |||||||||||||||||||||||||||
Ohio | 332,943 | 1.53 | % | 365,412 | 1.87 | % | |||||||||||||||||||||||||||
Maine | 327,705 | 1.51 | % | - | 0 | % | |||||||||||||||||||||||||||
Washington | 321,954 | 1.48 | % | - | 0 | % | |||||||||||||||||||||||||||
Florida | 213,941 | 0.98 | % | 250,085 | 1.28 | % | |||||||||||||||||||||||||||
Arizona | 145,297 | 0.67 | % | 132,254 | 0.68 | % | |||||||||||||||||||||||||||
Indiana | 137,698 | 0.63 | % | 227,634 | 1.16 | % | |||||||||||||||||||||||||||
Kentucky | 99,980 | 0.46 | % | 119,907 | 0.61 | % | |||||||||||||||||||||||||||
$ | 21,763,648 | 100 | % | $ | 19,560,794 | 100 | % | ||||||||||||||||||||||||||
Major categories of net investment income for the years ended December 31, 2013 and 2012 are summarized as follows: | |||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 4,426,063 | $ | 4,194,409 | |||||||||||||||||||||||||||||
Equity securities | 35,413 | 49,235 | |||||||||||||||||||||||||||||||
Other long-term investments | 1,635,788 | 1,188,323 | |||||||||||||||||||||||||||||||
Mortgage loans | 1,150,498 | 544,567 | |||||||||||||||||||||||||||||||
Policy loans | 100,512 | 100,120 | |||||||||||||||||||||||||||||||
Real estate | 375,290 | 370,620 | |||||||||||||||||||||||||||||||
Short-term and other investments | 94,759 | 21,939 | |||||||||||||||||||||||||||||||
Gross investment income | 7,818,323 | 6,469,213 | |||||||||||||||||||||||||||||||
Investment expenses | (791,317 | ) | (548,935 | ) | |||||||||||||||||||||||||||||
Net investment income | $ | 7,027,006 | $ | 5,920,278 | |||||||||||||||||||||||||||||
Note_3_Fair_Value_Measurements
Note 3 - Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||
3. Fair Value Measurements | |||||||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) on the measurement date. The Company also considers the impact on fair value of a significant decrease in volume and level of activity for an asset or liability when compared with normal activity. | |||||||||||||||||||||
The Company holds fixed maturity and equity securities that are measured and reported at fair market value on the statement of financial position. The Company determines the fair market values of its financial instruments based on the fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value, as follows: | |||||||||||||||||||||
Level 1 - Quoted prices in active markets for identical assets or liabilities. The Company’s Level 1 assets include equity securities that are traded in an active exchange market. | |||||||||||||||||||||
Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company’s Level 2 assets and liabilities include fixed maturity securities with quoted prices that are traded less frequently than exchange-traded instruments or assets and liabilities whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes U.S. Government and agency mortgage-backed debt securities and corporate debt securities. | |||||||||||||||||||||
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain private equity investments where independent pricing information was not able to be obtained for a significant portion of the underlying assets. | |||||||||||||||||||||
The Company has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into the three-level fair value hierarchy. If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the valuation inputs, or their ability to be observed, may result in a reclassification for certain financial assets or liabilities. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in and out of the Level 3 category as of the beginning of the period in which the reclassifications occur. | |||||||||||||||||||||
The Company’s fair value hierarchy for those financial instruments measured at fair value on a recurring basis as of December 31, 2013 and 2012 is summarized as follows: | |||||||||||||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Fixed maturity securities, available-for-sale | |||||||||||||||||||||
U.S. government and U.S. government agencies | $ | - | $ | 3,055,621 | $ | - | $ | 3,055,621 | |||||||||||||
States and political subdivisions | - | 200,398 | - | 200,398 | |||||||||||||||||
Residential mortgage-backed securities | - | 148,610 | - | 148,610 | |||||||||||||||||
Corporate bonds | - | 91,753,636 | - | 91,753,636 | |||||||||||||||||
Foreign bonds | - | 5,271,446 | - | 5,271,446 | |||||||||||||||||
Total fixed maturity securities | $ | - | $ | 100,429,711 | $ | - | $ | 100,429,711 | |||||||||||||
Equity securities, available-for-sale | |||||||||||||||||||||
Mutual funds | $ | - | $ | 84,567 | $ | - | $ | 84,567 | |||||||||||||
Corporate preferred stock | 81,540 | 255,512 | - | 337,052 | |||||||||||||||||
Corporate common stock | 277,814 | - | 18,000 | 295,814 | |||||||||||||||||
Total equity securities | $ | 359,354 | $ | 340,079 | $ | 18,000 | $ | 717,433 | |||||||||||||
31-Dec-12 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Fixed maturity securities, available-for-sale | |||||||||||||||||||||
U.S. government and U.S. government agencies | $ | - | $ | 2,827,933 | $ | - | $ | 2,827,933 | |||||||||||||
States and political subdivisions | - | 262,285 | - | 262,285 | |||||||||||||||||
Residential mortgage-backed securities | - | 175,119 | - | 175,119 | |||||||||||||||||
Corporate bonds | - | 90,820,792 | - | 90,820,792 | |||||||||||||||||
Foreign bonds | - | 4,573,668 | - | 4,573,668 | |||||||||||||||||
Total fixed maturity securities | $ | - | $ | 98,659,797 | $ | - | $ | 98,659,797 | |||||||||||||
Equity securities, available-for-sale | |||||||||||||||||||||
Mutual funds | $ | - | $ | 203,242 | $ | - | $ | 203,242 | |||||||||||||
Corporate preferred stock | - | 372,320 | - | 372,320 | |||||||||||||||||
Corporate common stock | 215,435 | - | 52,500 | 267,935 | |||||||||||||||||
Total equity securities | $ | 215,435 | $ | 575,562 | $ | 52,500 | $ | 843,497 | |||||||||||||
As of December 31, 2013, Level 3 financial instruments consisted of two private placement common stocks that have no active trading. During 2013, one private placement common stock was purchased. In addition, a private placement equity security with a carrying value of $42,500 was deemed to be fully impaired in the fourth quarter of 2013 with the decrease in value reported as a realized loss. During 2012, one private placement common stock was sold and another was purchased. | |||||||||||||||||||||
These private placement stocks represent investments in small development stage insurance holding companies. The fair value for these securities was determined through the use of unobservable assumptions about market participants. The Company has assumed a willing market participant would purchase the securities for the same price as the Company paid until such time as the development stage company commences operations. | |||||||||||||||||||||
Fair values for Level 1 and Level 2 assets for the Company’s fixed maturity and equity securities available-for-sale are primarily based on prices supplied by a third party investment service. The third party investment service provides quoted prices in the market which use observable inputs in developing such rates. | |||||||||||||||||||||
The Company analyzes market valuations received to verify reasonableness and to understand the key assumptions used and the sources. Since the fixed maturity securities owned by the Company do not trade on a daily basis, the third party investment service prepares estimates of fair value measurements using relevant market data, benchmark curves, sector groupings and matrix pricing. As the fair value estimates of the Company’s fixed maturity securities are based on observable market information rather than market quotes, the estimates of fair value on these fixed maturity securities are included in Level 2 of the hierarchy. The Company’s Level 2 investments include obligations of U.S. government and U.S. government agencies, state and political subdivisions, mortgage-backed securities, corporate bonds and foreign bonds. | |||||||||||||||||||||
The Company’s equity securities are included in Level 1 and Level 2 and the private placement common stocks included in Level 3. Level 1 for those equity securities classified as such is appropriate since they trade on a daily basis, are based on quoted market prices in active markets and are based upon unadjusted prices. Level 2 for those equity securities classified as such is appropriate since they are not actively traded as of December 31, 2013. | |||||||||||||||||||||
The Company’s fixed maturity and equity securities available-for-sale portfolio is highly liquid and allows for a high percentage of the portfolio to be priced through pricing services. | |||||||||||||||||||||
The change in the fair value of the Company’s Level 3 equity securities available-for-sale for the years ended December 31, 2013 and 2012 is summarized as follows: | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Beginning balance | $ | 52,500 | $ | 77,500 | |||||||||||||||||
Purchases | 8,000 | 10,000 | |||||||||||||||||||
Sales | - | (35,000 | ) | ||||||||||||||||||
Impairment | (42,500 | ) | - | ||||||||||||||||||
Ending balance | $ | 18,000 | $ | 52,500 | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||
The carrying amount and fair value of the Company’s financial assets and financial liabilities disclosed, but not carried, at fair value as of December 31, 2013 and 2012, and the level within the fair value hierarchy at which such assets and liabilities are measured on a recurring basis are summarized as follows: | |||||||||||||||||||||
Financial Instruments Disclosed, But Not Carried, at Fair Value: | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Carrying | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Amount | Value | ||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Mortgage loans on real estate | |||||||||||||||||||||
Commercial | $ | 2,114,388 | $ | 2,169,618 | $ | - | $ | - | $ | 2,169,618 | |||||||||||
Residential | 17,010,481 | 17,758,414 | - | - | 17,758,414 | ||||||||||||||||
Policy loans | 1,488,646 | 1,488,646 | - | - | 1,488,646 | ||||||||||||||||
Other long-term investments | 21,763,648 | 24,728,710 | - | - | 24,728,710 | ||||||||||||||||
Cash and cash equivalents | 10,608,438 | 10,608,438 | 10,608,438 | - | - | ||||||||||||||||
Accrued investment income | 1,558,153 | 1,558,153 | - | - | 1,558,153 | ||||||||||||||||
Loans from premium financing | 133,386 | 133,386 | - | - | 133,386 | ||||||||||||||||
Total financial assets | $ | 54,677,140 | $ | 58,445,365 | $ | 10,608,438 | $ | - | $ | 47,836,927 | |||||||||||
Financial liabilities | |||||||||||||||||||||
Policyholders' account balances | $ | 113,750,681 | $ | 96,709,910 | $ | - | $ | - | $ | 95,395,372 | |||||||||||
Policy claims | 611,417 | 611,417 | - | - | 611,417 | ||||||||||||||||
Total financial liabilities | $ | 114,362,098 | $ | 96,006,789 | $ | - | $ | - | $ | 96,006,789 | |||||||||||
31-Dec-12 | |||||||||||||||||||||
Carrying | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Amount | Value | ||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Mortgage loans on real estate | |||||||||||||||||||||
Commercial | $ | 2,267,560 | $ | 2,330,004 | $ | - | $ | - | $ | 2,330,004 | |||||||||||
Residential | 8,168,216 | 8,177,697 | - | - | 8,177,697 | ||||||||||||||||
Policy loans | 1,488,035 | 1,488,035 | - | - | 1,488,035 | ||||||||||||||||
Other long-term investments | 19,560,794 | 23,168,994 | - | - | 23,168,994 | ||||||||||||||||
Cash and cash equivalents | 10,947,474 | 10,947,474 | 10,947,474 | - | - | ||||||||||||||||
Accrued investment income | 1,417,218 | 1,417,218 | - | - | 1,417,218 | ||||||||||||||||
Loans from premium financing | 261,072 | 261,072 | - | - | 261,072 | ||||||||||||||||
Total financial assets | $ | 44,110,369 | $ | 47,790,494 | $ | 10,947,474 | $ | - | $ | 36,843,020 | |||||||||||
Financial liabilities | |||||||||||||||||||||
Policyholders' account balances | $ | 95,043,370 | $ | 91,013,971 | $ | - | $ | - | $ | 91,013,971 | |||||||||||
Policy claims | 717,521 | 717,521 | - | - | 717,521 | ||||||||||||||||
Total financial liabilities | $ | 95,760,891 | $ | 91,731,492 | $ | - | $ | - | $ | 91,731,492 | |||||||||||
The estimated fair value amounts have been determined using available market information and appropriate valuation methodologies. However, considerable judgment was required to interpret market data to develop these estimates. Accordingly, the estimates are not necessarily indicative of the amounts which could be realized in a current market exchange. The use of different market assumptions or estimation methodologies may have a material effect on the fair value amounts. | |||||||||||||||||||||
The following methods and assumptions were used in estimating the fair value disclosures for financial instruments in the accompanying financial statements and notes thereto: | |||||||||||||||||||||
Fixed Maturity and Equity Securities | |||||||||||||||||||||
The fair value of fixed maturity and equity securities are based on the principles previously discussed as Level 1, Level 2 and Level 3. | |||||||||||||||||||||
Mortgage Loans on Real Estate | |||||||||||||||||||||
The fair values for mortgage loans are estimated using discounted cash flow analyses. For residential mortgage loans, the discount rate used was indexed to the LIBOR yield curve adjusted for an appropriate credit spread. For commercial mortgage loans, the discount rate used was assumed to be the interest rate on the last commercial mortgage acquired by the Company. | |||||||||||||||||||||
Cash and Cash Equivalents, Accrued Investment Income and Policy Loans | |||||||||||||||||||||
The carrying value of these financial instruments approximates their fair values. Cash and cash equivalents are included in Level 1 of the fair value hierarchy due to their highly liquid nature. | |||||||||||||||||||||
Other Long-Term Investments | |||||||||||||||||||||
Other long-term investments are comprised of lottery prize receivables and fair value is derived by using a discounted cash flow approach. Projected cash flows are discounted using the average Citigroup Pension Liability Index in effect at the end of each period. | |||||||||||||||||||||
Loans from Premium Financing | |||||||||||||||||||||
The carrying value of loans from premium financing is net of unearned interest and any estimated loan losses and approximates fair value. Unearned interest was $1,389 as of December 31, 2012. Estimated loan losses were $206,858 and $228,999 as of December 31, 2013 and 2012, respectively. | |||||||||||||||||||||
Investment Contracts – Policyholders’ Account Balances | |||||||||||||||||||||
The fair value for liabilities under investment-type insurance contracts (accumulation annuities) is calculated using a discounted cash flow approach. Cash flows are projected using actuarial assumptions and discounted to the valuation date using risk-free rates adjusted for credit risk and the nonperformance risk of the liabilities. | |||||||||||||||||||||
The fair values for insurance contracts other than investment-type contracts are not required to be disclosed. | |||||||||||||||||||||
Policy Claims | |||||||||||||||||||||
The carrying amounts reported for these liabilities approximate their fair value. |
Note_4_Special_Deposits
Note 4 - Special Deposits | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Restricted Assets Disclosure [Text Block] | ' |
4. Special Deposits | |
TLIC and Family Benefit Life are required to hold assets on deposit for the benefit of policyholders and other special deposits in accordance with statutory rules and regulations. As of December 31, 2013 and 2012, these required deposits had amortized costs that totaled $3,220,853 and $3,981,060, respectively. As of December 31, 2013 and 2012, these required deposits had fair values that totaled $3,097,372 and $4,219,334, respectively. |
Note_5_Loans_from_Premium_Fina
Note 5 - Loans from Premium Financing | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Premiums Receivable Disclosure [Abstract] | ' | ||||||||
Premiums Receivable Note [Text Block] | ' | ||||||||
5. Loans from Premium Financing | |||||||||
Through June 30, 2012, the Company financed amounts up to 80% of the premium on property and casualty insurance policies after a 20% or greater down payment was made by the policy owner. The premiums financed were collateralized by the amount of the unearned premium of the insurance policy. Policies that became delinquent were submitted for cancellation and recovery of the unearned premium, up to the amount of the loan balance, 25 days after a payment became delinquent. Loans from premium financing are carried net of unearned interest and any estimated loan losses. | |||||||||
Unearned interest was $1,389 as of December 31, 2012. Allowances for loan losses were $206,858 and $228,999 as of December 31, 2013 and 2012, respectively. | |||||||||
The balances of and changes in the company’s credit losses related to loans from premium financing as of and for the years ended December 31, 2013 and 2012 are summarized as follows: | |||||||||
2013 | 2012 | ||||||||
Allowance at beginning of period | $ | 228,999 | $ | 229,004 | |||||
Decreases credited to operations | (22,141 | ) | (5 | ) | |||||
Allowance at end of period | $ | 206,858 | $ | 228,999 | |||||
Note_6_Deferred_Policy_Acquisi
Note 6 - Deferred Policy Acquisition Costs | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Policy Acquisition Costs Disclosures [Abstract] | ' | ||||||||
Deferred Policy Acquisition Costs [Text Block] | ' | ||||||||
6. Deferred Policy Acquisition Costs | |||||||||
The balances of and changes in deferred acquisition costs as of and for the years ended December 31, 2013 and 2012 are summarized as follows: | |||||||||
2013 | 2012 | ||||||||
Balance, beginning of year | $ | 7,028,820 | $ | 5,251,999 | |||||
Capitalization of commissions, sales and issue expenses | 1,950,072 | 2,302,070 | |||||||
Amortization | (831,637 | ) | (512,546 | ) | |||||
Deferred acquisition costs allocated to investments | 25,372 | (12,703 | ) | ||||||
Balance, end of year | $ | 8,172,627 | $ | 7,028,820 | |||||
Note_7_Federal_Income_Taxes
Note 7 - Federal Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||
7. Federal Income Taxes | |||||||||
FTFC files a consolidated federal income tax return with FTCC but does not file a consolidated tax return with TLIC or Family Benefit Life. TLIC and Family Benefit Life are taxed as life insurance companies under the provisions of the Internal Revenue Code. Life insurance companies must file separate tax returns until they have been a member of the consolidated filing group for five years. However, in 2013, TLIC and Family Benefit Life filed a combined life insurance company 2012 federal tax return and intend to also file a combined life insurance company 2013 federal tax return for TLIC and Family Benefit Life in 2014. Certain items included in income reported for financial statement purposes are not included in taxable income for the current period, resulting in deferred income taxes. | |||||||||
The components of total income tax expense (benefit) for the years ended December 31, 2013 and 2012 is summarized as follows: | |||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Current tax expense | $ | 100,820 | $ | 273,054 | |||||
Deferred tax expense (benefit) | 217,932 | (417,122 | ) | ||||||
Total income tax expense (benefit) | $ | 318,752 | $ | (144,068 | ) | ||||
A reconciliation of federal income tax expense (benefit) computed by applying the federal income tax rate of 35% to income before federal income tax expense for the years ended December 31, 2013 and 2012 is summarized as follows: | |||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Expected tax expense | $ | 422,826 | $ | 335,235 | |||||
Small life insurance company deduction | (869,387 | ) | (330,860 | ) | |||||
Increase in valuation allowance | 199,450 | 203,219 | |||||||
Adjustment of prior years' taxes | (273,053 | ) | - | ||||||
Net operating loss carryforward adjustment prior years | 409,978 | - | |||||||
Alternative Minimum Tax carryforward adjustment prior years | 246,246 | (91,478 | ) | ||||||
Capital loss carryforward adjustment prior years | 240,482 | - | |||||||
Difference in book versus tax basis of available-for-sale fixed maturity securities | - | (199,626 | ) | ||||||
Other | (57,790 | ) | (60,558 | ) | |||||
Total income tax expense (benefit) | $ | 318,752 | $ | (144,068 | ) | ||||
Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax liabilities and assets as of December 31, 2013 and 2012 are summarized as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Deferred tax liabilities: | |||||||||
Net unrealized investment gains | $ | 469,540 | $ | 1,445,171 | |||||
Available-for-sale fixed maturity securities | 677,135 | 809,542 | |||||||
Deferred policy acquisition costs | 1,218,058 | 1,027,500 | |||||||
Reinsurance recoverable | 237,596 | 236,482 | |||||||
Investment real estate | 34,165 | 33,780 | |||||||
Other long-term investments | 12,230 | 16,305 | |||||||
Value of insurance business acquired | 1,417,358 | 1,501,779 | |||||||
Property and equipment | 427 | 409 | |||||||
Due premiums | 17,400 | 19,183 | |||||||
Accrued liabilities | - | 117,448 | |||||||
Accrued investment income | 141 | - | |||||||
Mortgage loans | 41,360 | 32,513 | |||||||
Other | 156 | 13 | |||||||
Total deferred tax liabilities | 4,125,566 | 5,240,125 | |||||||
Deferred tax assets: | |||||||||
Policyholders' account balances and future policy benefits | 1,065,020 | 827,794 | |||||||
Policy claims | 25,356 | 28,485 | |||||||
Accrued investment income | - | 4,603 | |||||||
Accrued liabilities | 5,464 | - | |||||||
Available-for-sale equity securities | 70,191 | 51,906 | |||||||
Alternative minimum tax carryforward | 166,467 | 236,328 | |||||||
Net operating loss carryforward | 2,283,073 | 2,511,188 | |||||||
Net capital loss carryforward | 14,450 | 127,675 | |||||||
Other | 2,915 | 2,367 | |||||||
Total deferred tax assets | 3,632,936 | 3,790,346 | |||||||
Valuation allowance | (2,051,195 | ) | (1,851,745 | ) | |||||
Net deferred tax assets | 1,581,741 | 1,938,601 | |||||||
Net deferred tax liabilities | $ | 2,543,825 | $ | 3,301,524 | |||||
FTFC has net operating loss carry forwards of approximately $5,990,000 expiring in 2019 through 2028. FTFC has capital loss carry forwards of approximately $42,500 expiring in 2018. TLIC has net operating loss carry forwards of approximately $1,232,000, expiring in 2018 through 2026. Net operating loss carry forwards of $521,000 (included in the TLIC amount above), expiring in 2018 through 2023, remain from the acquisition of FLAC. The utilization of those losses is restricted by the tax laws and some or all of the losses may not be available for use. | |||||||||
The Company has no known uncertain tax benefits within its provision for income taxes. In addition, the Company does not believe it would be subject to any penalties or interest relative to any open tax years and, therefore, have not accrued any such amounts. The Company files U.S. federal income tax returns and income tax returns in various state jurisdictions. The 2010 through 2013 U.S. federal tax years are subject to income tax examination by tax authorities. The Company classifies any interest and penalties (if applicable) as income tax expense in the financial statements. |
Note_8_Reinsurance
Note 8 - Reinsurance | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Reinsurance Disclosures [Abstract] | ' | ||||||||
Reinsurance [Text Block] | ' | ||||||||
8. Reinsurance | |||||||||
TLIC participates in reinsurance in order to provide risk diversification, additional capacity for future growth and limit the maximum net loss potential arising from large risk. TLIC reinsures all amounts of risk on any one life in excess of $55,000 for individual life insurance with Investors Heritage Life Insurance Company, Munich American Reassurance Company, Optimum Re Insurance Company and Wilton Reassurance Company. | |||||||||
TLIC is a party to an Automatic Retrocession Pool Agreement (the “Reinsurance Pool”) with Optimum Re Insurance Company, Catholic Order of Foresters, American Home Life Insurance Company and Woodmen of the World. The agreement provides for automatic retrocession of coverage in excess of Optimum Re Insurance Company’s retention on business ceded to Optimum Re Insurance Company by the other parties to the Reinsurance Pool. TLIC’s maximum exposure on any one insured under the Reinsurance Pool is $50,000. As of January 1, 2008, the Reinsurance Pool stopped accepting new cessions. | |||||||||
Effective September 29, 2005, FLAC and Wilton Reassurance Company executed a binding letter of intent whereby both parties agreed that FLAC would cede the simplified issue version of its Golden Eagle Whole Life (Final Expense) product to Wilton Reassurance Company on a 50/50 quota share original term coinsurance basis. The letter of intent was executed on a retroactive basis to cover all applicable business issued by FLAC subsequent to January 1, 2005. Wilton Reassurance Company agreed to provide various commission and expense allowances to FLAC in exchange for FLAC ceding 50% of the applicable premiums to Wilton Reassurance Company as they are collected. As of June 24, 2006, Wilton Reassurance Company terminated the reinsurance agreement for new business issued after the termination date. | |||||||||
Family Benefit Life also participates in reinsurance in order to provide risk diversification, additional capacity for future growth and limit the maximum net loss potential arising from large risk. Family Benefit Life reinsures initial amounts of risk on any one life in excess of $50,000 for individual life insurance with Optimum Re Insurance Company. Family Benefit Life also reinsures its accidental death benefit portion of their life policies under a bulk agreement with Optimum Re Insurance Company. | |||||||||
Family Benefit Life participated in the Servicemembers’ Group Life Insurance Pool, administered by Prudential Life Insurance Company, in which it assumed group life insurance on a percentage based on the total inforce amount of participating companies. The group plan permitted conversion to permanent insurance with the initial face amount reinsured with the Office of Servicemembers’ Group Life Insurance. Family Benefit Life cancelled its participation in 2013. | |||||||||
To the extent that the reinsurance companies are unable to meet their obligations under the reinsurance agreements, TLIC and Family Benefit Life remain primarily liable for the entire amount at risk. | |||||||||
Reinsurance assumed and ceded amounts for TLIC and Family Benefit Life for 2013 and 2012 are summarized as follows: | |||||||||
2013 | 2012 | ||||||||
Premiums assumed | $ | 234,902 | $ | 371,518 | |||||
Commissions and expense allowances | 76 | (16 | ) | ||||||
Benefits assumed | 114,017 | 489,344 | |||||||
Reserve credits assumed | 55,070 | 53,397 | |||||||
In force amount assumed | 21,456,751 | 414,183,269 | |||||||
Premiums ceded | 426,959 | 470,187 | |||||||
Commissions and expense allowances | 19,275 | 21,125 | |||||||
Benefits ceded | 476,979 | 216,895 | |||||||
Reserve credits ceded | 988,116 | 958,570 | |||||||
In force amount ceded | 63,109,819 | 71,962,540 | |||||||
Note_9_Property_and_Equipment
Note 9 - Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
9. Property and Equipment | |||||||||
Property and equipment as of December 31, 2013 and 2012 is summarized as follows: | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Total property and equipment | $ | 326,258 | $ | 272,263 | |||||
Less - accumulated depreciation | (195,971 | ) | (147,705 | ) | |||||
Property and equipment net of accumulated depreciation | $ | 130,287 | $ | 124,558 | |||||
Note_10_Leases
Note 10 - Leases | 12 Months Ended |
Dec. 31, 2013 | |
Leases [Abstract] | ' |
Leases of Lessee Disclosure [Text Block] | ' |
10. Leases | |
The Company leases 6,769 square feet of office space pursuant to a five-year lease that began October 1, 2010. Under the terms of the home office lease, the monthly rent is $7,897 from October 1, 2010 through September 30, 2015. The Company incurred rent expense of $76,192 and $76,136 for the years ended December 31, 2013 and 2012, respectively, under this lease and other minor leases. The terms of the lease have the lessor responsible for paying real estate taxes, building insurance and building and ground maintenance subject to the lessor’s rights to assess the lessee for increases in these expenses compared to the base year of 2011. The Company received a $120,000 leasehold improvement allowance from the lessor that is being amortized over the non-cancellable lease term that reduced incurred rent expense by $25,263 for each of the years ended December 31, 2013 and 2012. Future minimum lease payments to be paid under non-cancellable lease agreements are $94,764 for 2014 and $71,073 in 2015. | |
TLIC owns approximately six and one-half acres of land located in Topeka, Kansas. A 20,000 square foot office building has been constructed on approximately one-half of this land. On December 24, 2009, TLIC entered into a five year lease of approximately 7,500 square feet of its building in Topeka, Kansas with an option for the lessee to renew the lease for five additional years. The terms of the lease have the lessor responsible for paying real estate taxes, building insurance and building and ground maintenance subject to the lessor’s rights to assess the lessee for increases in these expenses compared to the base year of 2010. The monthly lease payments are as follows: $9,130 in 2012 and $9,371 in 2013 and 2014. | |
TLIC has also leased 10,000 square feet in the Topeka, Kansas office building under a lease that was renewed during 2006 to run through June 30, 2011 with a 90 day notice to terminate the lease by the lessee. This lease was renewed on July 1, 2011 to run through June 30, 2016. Beginning July 1, 2014, the lessee can terminate the lease with a 180 day written notice. The terms of the lease have the lessor responsible for paying real estate taxes, building insurance and building and ground maintenance. The lease agreement calls for minimum monthly base lease payments of $17,535. | |
Effective August 29, 2005, TLIC executed a lease agreement for 2,500 square feet of the Topeka, Kansas office building. The base lease period commenced on September 1, 2005 and ended on August 31, 2010. The lease automatically renewed on August 15, 2010, for another five years with a 90 day notice by the lessee to terminate the lease. The lease agreement called for minimum monthly base lease payments of $4,332 through August 31, 2010. The terms of the lease have the lessor responsible for paying real estate taxes, building insurance and building and ground maintenance. The lease payments decreased to $3,100 per month for the period September 1, 2010 through August 31, 2015. | |
In December 2013, TLIC purchased one acre of land in Greensburg, Indiana and a 3,975 square foot building constructed on approximately 8% of this land at a cost of $2,393,687. The building is leased through October 31, 2027 with future lease extentions on November 1, 2017 and November 1, 2022 through October 31, 2022 and October 31, 2027, respectively. The terms of the lease have the lessee responsible for paying real estate taxes, building insurance and building and ground maintenance. The monthly lease payments are as follows: $14,661 in 2014; $14,881 in 2015; $15,104 in 2016 and $15,331 in 2017. | |
In December 2013, TLIC also purchased one acre of land in Norman, Oklahoma, and a 9,100 square foot building constructed on approximately 18% of this land at a cost of $1,481,500. The building is leased through August 31, 2028 with future lease extensions on September 1, 2018 and September 1, 2023 through August 31, 2023 and August 31, 2028, respectively. The terms of the lease have the lessee responsible for paying real estate taxes, building insurance and building and ground maintenance. The monthly lease payments are $8,004 through August 31, 2018. | |
The future minimum lease payments to be received under the above non-cancellable lease agreements are $632,052, $509,840, $382,506, $249,358 and $64,032 for the years 2014 through 2018, respectively. | |
Family Benefit Life owned approximately one and one-half acres of land located in Jefferson City, Missouri. A 6,100 square foot building (serving as Family Benefit Life’s headquarters) and a 2,200 square foot building (leased to a third party) are on one acre of this land and the other half acre is held for sale. In October 2012, both of the buildings and the related land were sold. | |
With respect to the 2,200 square foot building, Family Benefit Life entered into a one-year lease beginning August 1, 2010 and ending July 31, 2011. The lease could have been renewed annually if no termination notice was given by either party on or before May 1. No notice was given by either party on May 1, 2011 or May 1, 2012 and therefore the lease was renewed for additional one-year periods. The tenant paid Family Benefit Life $15,000 per year in monthly installments of $1,250. In connection with the October 2012 sale of the two buildings, the underlying third party lease was transferred to the new owner. The new owner also charged the Company $12,152 of rent during the last three months of 2012. |
Note_11_Shareholders_Equity_an
Note 11 - Shareholders' Equity and Statutory Accounting Practices | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
11. Shareholders’ Equity and Statutory Accounting Practices | |
TLIC is domiciled in Oklahoma and prepares its statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the Oklahoma Insurance Department. Family Benefit Life is domiciled in Missouri and prepares its statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the Missouri Department of Insurance. Prescribed statutory accounting practices include publications of the NAIC, state laws, regulations, and general administrative rules. Permitted statutory accounting practices encompass all accounting practices not so prescribed. Statutory accounting practices primarily differ from GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions and valuing investments, deferred taxes, and certain assets on a different basis. | |
The statutory net income for TLIC amounted to $1,319,748 and $1,327,798 for the years ended December 31, 2013 and 2012, respectively. The statutory capital and surplus of TLIC was $7,484,026 and $5,277,775 as of December 31, 2013 and 2012, respectively. The statutory net income for Family Benefit Life amounted to $1,109,125 and $1,107,135 for the years ended December 31, 2013 and 2012, respectively. The statutory capital and surplus of Family Benefit Life was $11,473,143 and $10,479,574 as of December 31, 2013 and 2012, respectively. | |
TLIC is subject to Oklahoma laws and Family Benefit Life is subject to Missouri laws that limit the amount of dividends insurance companies can pay to stockholders without approval of the respective Departments of Insurance. The maximum dividend, which may be paid in any twelve-month period without notification or approval, is limited to the greater of 10% of statutory surplus as of December 31 of the preceding year or the net gain from operations of the preceding calendar year. Cash dividends may only be paid out of surplus derived from realized net profits. Based on these limitations, there is capacity for TLIC to pay a dividend up to $1,283,361 in 2014 without prior approval. In addition, based on those limitations, there is the capacity for Family Benefit Life to pay a dividend up to $976,941 in 2014 without prior approval. Family Benefit Life paid dividends of $850,000 and $1,515,975 to TLIC in 2013 and 2012, respectively. These dividends are eliminated in consolidation. |
Note_12_Segment_Data
Note 12 - Segment Data | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||
12. Segment Data | |||||||||
The Company has a life insurance segment, consisting of the operations of TLIC and Family Benefit Life, and a premium financing segment, consisting of the operations of FTCC and SIS. Results for the parent company, after elimination of intercompany amounts, are allocated to the corporate segment. These segments as of and for the years ended December 31, 2013 and 2012 are summarized as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Revenues: | |||||||||
Life and annuity insurance operations | $ | 15,879,190 | $ | 14,275,397 | |||||
Premium finance operations | 44,145 | 102,734 | |||||||
Corporate operations | 224,898 | 430,389 | |||||||
Total | $ | 16,148,233 | $ | 14,808,520 | |||||
Income (loss) before income taxes: | |||||||||
Life and annuity insurance operations | $ | 1,881,079 | $ | 1,332,546 | |||||
Premium finance operations | (328,605 | ) | (224,951 | ) | |||||
Corporate operations | (344,399 | ) | (149,782 | ) | |||||
Total | $ | 1,208,075 | $ | 957,813 | |||||
Depreciation and amortization expense: | |||||||||
Life and annuity insurance operations | $ | 1,476,757 | $ | 1,112,688 | |||||
Premium finance operations | 3,723 | 3,692 | |||||||
Corporate operations | 19,187 | 15,106 | |||||||
Total | $ | 1,499,667 | $ | 1,131,486 | |||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Assets: | |||||||||
Life and annuity insurance operations | $ | 176,655,399 | $ | 158,151,031 | |||||
Premium finance operations | 449,649 | 979,390 | |||||||
Corporate operations | 6,068,111 | 6,319,896 | |||||||
Total | $ | 183,173,159 | $ | 165,450,317 | |||||
Note_13_Concentrations_of_Cred
Note 13 - Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2013 | |
Risks and Uncertainties [Abstract] | ' |
Concentration Risk Disclosure [Text Block] | ' |
13. Concentrations of Credit Risk | |
Credit risk is limited by diversifying the Company’s investments. The Company maintains cash and cash equivalents at multiple institutions. The Federal Deposit Insurance Corporation insures accounts up to $250,000. Uninsured balances aggregate $2,576,504 as of December 31, 2013. Other funds are invested in mutual funds that invest in U.S. government securities. The Company monitors the solvency of all financial institutions in which it has funds to minimize the exposure for loss. The Company has not experienced any losses in such accounts. The Company’s lottery prize receivables due from various states and the geographical distribution of the Company’s mortgage loans by state are summarized in Note 2. |
Note_14_Contingent_Liabilities
Note 14 - Contingent Liabilities | 12 Months Ended |
Dec. 31, 2013 | |
Loss Contingency [Abstract] | ' |
Contingencies Disclosure [Text Block] | ' |
14. Contingent Liabilities | |
The Company and Chairman, President and Chief Executive Officer, Gregg E. Zahn, filed an action in the District Court of Tulsa County, Oklahoma in 2013, Case No. CJ-2013-03385, against former Company Board of Directors member, Wayne Pettigrew and Mr. Pettigrew’s company, Group & Pension Planners, Inc. (the "Defendants"). The petition filed in the case alleges that Mr. Pettigrew, during and after the time he was a member of the Company’s Board of Directors, made defamatory statements regarding the Company and Mr. Zahn. The defendants are alleged to have made defamatory statements to certain shareholders of the Company, to the press and to the Oklahoma Insurance Department and the Oklahoma Department of Securities. Mr. Pettigrew has denied the allegations. | |
The Board of Directors, represented by independent counsel, concluded that there was no action to be taken against Mr. Zahn and that the allegations by Mr. Pettigrew were without substance. The Company has been informed by the Oklahoma Insurance Department that it would take no action and also informed that the Oklahoma Department of Securities, after its investigation of the allegations, concluded that no proceedings were needed with respect to the alleged matters. | |
It is the Company’s intention to vigorously prosecute this action against the Defendants for damages and for the correction of the defamatory statements. In the opinion of the Company’s management, the ultimate resolution of any contingencies that may arise from this litigation is not considered material in relation to the financial position or results of operations of the Company. | |
Prior to its acquisition by TLIC, Family Benefit Life developed, marketed, and sold life insurance products known as “Decreasing Term to 95” policies. On January 17, 2013, Family Benefit Life’s Board of Directors voted that, effective March 1, 2013, it was not approving, and therefore was not providing, a dividend for the Decreasing Term to 95 policies. On November 22, 2013, three individuals who owned Decreasing Term to 95 policies filed a Petition in the Circuit Court of Greene County, Missouri asserting claims against Family Benefit Life relating to Family Benefit Life’s decision to not provide a dividend under the Decreasing Term to 95 policies. | |
The Petition asserts claims for breach of contract and anticipatory breach of contract and alleges that Family Benefit Life breached, and will anticipatorily breach, the Decreasing Term to 95 policies of insurance by not providing a dividend sufficient to purchase a one year term life insurance policy which would keep the death benefit under the Decreasing Term to 95 policies the same as that provided during the first year of coverage under the policy. In addition to these claims, the Petition asserts claims for negligent misrepresentation, fraud, and violation of the Missouri Merchandising Practices Act. It alleges that during its sale of the Decreasing Term to 95 policies, Family Benefit Life represented that the owners of these policies would always be entitled to dividends to purchase a one-year term life insurance policy and that the owners would have a level death benefit without an increase in premium. | |
The Petition also seeks to certify a class of individuals with similar claims but no class has been certified by the Court. Family Benefit Life denies the allegations in the Petition and will continue to defend against them. It is the Company’s intention to vigorously defend the request for class certification, as well as to defend vigorously against the individual allegations. The Company is unable to determine the potential magnitude of the claims in the event of a final certification and the plaintiffs prevailing on the substantive action. | |
Guaranty fund assessments may be taken as a credit against premium taxes over a five-year period. These assessments, brought about by the insolvency of life and health insurers, are levied at the discretion of the various state guaranty fund associations to cover association obligations. |
Note_15_Related_Party_Transact
Note 15 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
15. Related Party Transactions | |
During 2012, the Company repurchased 185,313 shares of its common stock from former members of the Board of Directors at a cost of $648,595. During 2013, the Company repurchased 12,896 shares of its common stock for $45,136 from a former member of the Board of Directors and a charitable organization for which that former Director had donated 10,250 shares of the Company’s common stock. |
Note_16_Other_Comprehensive_In
Note 16 - Other Comprehensive Income and Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||
16. Other Comprehensive Income and Accumulated Other Comprehensive Income | |||||||||||||
The changes in the components of the Company’s accumulated other comprehensive income (loss) for the years ended December 31, 2013 and 2012 are summarized as follows: | |||||||||||||
Years Ended December 31, 2013 and 2012 | |||||||||||||
Unrealized | Adjustment to | Accumulated | |||||||||||
Appreciation on | Deferred Acquisition | Other | |||||||||||
Available-For-Sale Securities | Costs | Comprehensive Income | |||||||||||
Balance as of January 1, 2013 | $ | 5,811,309 | $ | (30,639 | ) | $ | 5,780,670 | ||||||
Other comprehensive loss before reclassifications, net of tax | (3,016,851 | ) | 20,298 | (2,996,553 | ) | ||||||||
Less amounts reclassified from accumulated other comprehensive loss, net of tax | (905,960 | ) | - | (905,960 | ) | ||||||||
Other comprehensive loss | (3,922,811 | ) | 20,298 | (3,902,513 | ) | ||||||||
Balance as of December 31, 2013 | $ | 1,888,498 | $ | (10,341 | ) | $ | 1,878,157 | ||||||
Balance as of January 1, 2012 | $ | 2,718,885 | $ | (22,661 | ) | $ | 2,696,224 | ||||||
Other comprehensive income before reclassifications, net of tax | 3,644,902 | (7,978 | ) | 3,636,924 | |||||||||
Less amounts reclassified from accumulated other comprehensive income, net of tax | (552,478 | ) | - | (552,478 | ) | ||||||||
Other comprehensive income | 3,092,424 | (7,978 | ) | 3,084,446 | |||||||||
Balance as of December 31, 2012 | $ | 5,811,309 | $ | (30,639 | ) | $ | 5,780,670 | ||||||
The pretax components of the Company’s other comprehensive income (loss) and the related income tax expense for each component for the years ended December 31, 2013 and 2012 are summarized as follows: | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Pretax | Income Tax | Net of Tax | |||||||||||
Expense | |||||||||||||
(Benefit) | |||||||||||||
Other comprehensive loss: | |||||||||||||
Change in net unrealized gains on available-for-sale securities: | |||||||||||||
Unrealized holding losses arising during the period | $ | (3,771,065 | ) | $ | (754,214 | ) | $ | (3,016,851 | ) | ||||
Reclassification adjustment for gains included in income | (1,132,451 | ) | (226,491 | ) | (905,960 | ) | |||||||
Net unrealized losses on investments | (4,903,516 | ) | (980,705 | ) | (3,922,811 | ) | |||||||
Adjustment to deferred acquisition costs | 25,372 | 5,074 | 20,298 | ||||||||||
Total other comprehensive loss | $ | (4,878,144 | ) | $ | (975,631 | ) | $ | (3,902,513 | ) | ||||
Year Ended December 31, 2012 | |||||||||||||
Pretax | Income Tax | Net of Tax | |||||||||||
Expense | |||||||||||||
(Benefit) | |||||||||||||
Other comprehensive income: | |||||||||||||
Change in net unrealized gains on available-for-sale securities: | |||||||||||||
Unrealized holding gains arising during the period | $ | 4,939,973 | $ | 1,295,071 | $ | 3,644,902 | |||||||
Reclassification adjustment for gains included in income | (746,889 | ) | (194,411 | ) | (552,478 | ) | |||||||
Net unrealized gains on investments | 4,193,084 | 1,100,660 | 3,092,424 | ||||||||||
Adjustment to deferred acquisition costs | (12,703 | ) | (4,725 | ) | (7,978 | ) | |||||||
Total other comprehensive income | $ | 4,180,381 | $ | 1,095,935 | $ | 3,084,446 | |||||||
16. Other Comprehensive Income and Accumulated Other Comprehensive Income (continued) | |||||||||||||
Realized gains and losses on the sales of investments are determined based upon the specific identification method and include provisions for other-than-temporary impairments where appropriate. | |||||||||||||
The pretax and the related income tax components of the amounts reclassified from the Company’s accumulated other comprehensive income to the Company’s consolidated statement of operations for the years ended December 31, 2013 and 2012 are summarized as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
Reclassification Adjustments | 2013 | 2012 | |||||||||||
Unrealized gains on available-for-sale securities: | |||||||||||||
Realized gains on sales of securities (a) | $ | 1,132,451 | $ | 746,889 | |||||||||
Income tax expenses (b) | 226,491 | 194,411 | |||||||||||
Total reclassification adjustments | $ | 905,960 | $ | 552,478 | |||||||||
(a) These items appear within net realized investment gains in the consolidated statement of operations. | |||||||||||||
(b) These items appear within federal income taxes in the consolidated statement of operations. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Nature of Operations [Text Block] | ' |
Nature of Operations | |
First Trinity Financial Corporation (the “Company”) is the parent holding company of Trinity Life Insurance Company, Family Benefit Life Insurance Company, First Trinity Capital Corporation and Southern Insurance Services, LLC. The Company was incorporated in Oklahoma on April 19, 2004, for the primary purpose of organizing a life insurance subsidiary. The Company raised $1,450,000 from two private placement stock offerings during 2004. | |
On June 22, 2005, the Company’s intrastate public stock offering filed with the Oklahoma Department of Securities for $12,750,000, which included a 10% "over-sale" provision (additional sales of $1,275,000), was declared effective. The offering was completed February 23, 2007. The Company raised $14,025,000 from this offering. | |
On June 29, 2010, the Company commenced a public offering of its common stock registered with the U.S. Securities and Exchange Commission and the Oklahoma Department of Securities. The offering was completed April 30, 2012. The Company raised $11,000,010 from this offering. | |
On August 15, 2012, the Company commenced a private placement of its common stock primarily in the states of Kansas, Missouri and South Dakota. The private placement was for 600,000 shares of the Company’s common stock for $8.50 per share. If all shares would have been sold, the Company would have received $4,335,000 after reduction for estimated offering expenses. This offering was suspended on March 8, 2013 and resulted in gross proceeds of $644,470 from the subscription of 75,820 shares of its common stock and incurred $321,944 in offering costs. | |
The Company purchased First Life America Corporation (“FLAC”) on December 23, 2008. On August 31, 2009, two of the Company’s subsidiaries, Trinity Life Insurance Company (“Old TLIC”) and FLAC, were merged, with FLAC being the surviving company. Immediately following the merger, FLAC changed its name to Trinity Life Insurance Company (“TLIC”). After the merger, the Company had two wholly owned subsidiaries, First Trinity Capital Corporation (“FTCC”) and TLIC, domiciled in Oklahoma. | |
TLIC is primarily engaged in the business of marketing, underwriting and distributing a broad range of individual life and annuity insurance products to individuals in eight states primarily in the Midwest. TLIC’s current product portfolio consists of a modified premium whole life insurance policy with a flexible premium deferred annuity rider, whole life, term, final expense, accidental death and dismemberment and annuity products. The term products are both renewable and convertible and issued for 10, 15, 20 and 30 years. They can be issued with premiums fully guaranteed for the entire term period or with a limited premium guarantee. The final expense product is issued as either a simplified issue or as a graded benefit, determined by underwriting. TLIC also offers various annuity and deposit-type liability products. The products are sold through independent agents in the states of Illinois, Kansas, Kentucky, Nebraska, North Dakota, Ohio, Oklahoma and Texas. | |
TLIC purchased Family Benefit Life Insurance Company (“Family Benefit Life”) on December 28, 2011. Family Benefit Life is primarily engaged in the business of marketing, underwriting and distributing a broad range of individual life and annuity insurance products to individuals in sixteen states. Family Benefit Life’s current product portfolio consists of whole life, term, accidental death and dismemberment, annuity, endowment and group life insurance products. The products are sold through independent agents in the states of Arizona, Colorado, Kansas, Missouri, Nebraska, New Mexico and Oklahoma. In late 2012, Family Benefit Life was initially licensed in Arkansas, Indiana, Kentucky, North Dakota, South Dakota, Texas and West Virginia. In 2013, Family Benefit Life was initially licensed in Illinois and Pennsylvania. | |
FTCC was incorporated in 2006, and began operations in January 2007. FTCC provides financing for casualty insurance premiums for individuals and companies and is licensed to conduct premium financing business in the states of Alabama, Arkansas, Louisiana, Mississippi and Oklahoma. | |
The Company’s management decided to focus on the Company’s core life and annuity insurance business and discontinue offering premium finance contracts. Specifically on May 16, 2012, the Company determined and then announced that FTCC would not accept new premium financing contracts after June 30, 2012. FTCC continued to process payments and service all existing premium financing contracts after June 30, 2012 through the duration that the property and casualty premium financing contracts were in force. The Company virtually completed processing and servicing its premium finance operations on June 30, 2013 subject to minor refunds, minor collections of past due accounts and legal matters. The Company incurred minimal costs related to exiting its premium financing operations since resources were redeployed into its growing life and annuity insurance operations. | |
The Company also owns 100% of Southern Insurance Services, LLC, (“SIS”), a limited liability company acquired in 2009, that operated as a property and casualty insurance agency but currently has no operations | |
Basis of Accounting, Policy [Policy Text Block] | ' |
Basis of Presentation | |
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). | |
Consolidation, Policy [Policy Text Block] | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. | |
Reclassification, Policy [Policy Text Block] | ' |
Reclassifications | |
Certain reclassifications have been made in the prior year financial statements to conform to current year classifications. These reclassifications had no effect on previously reported net income or shareholders' equity. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. | |
Investment, Policy [Policy Text Block] | ' |
Investments | |
Fixed maturity securities are comprised of bonds that are classified as available-for-sale and are carried at fair value with unrealized gains and losses, net of applicable income taxes, reported in accumulated other comprehensive income. The amortized cost of fixed maturity securities available-for-sale is adjusted for amortization of premium and accretion of discount to maturity. | |
Interest income, as well as the related amortization of premium and accretion of discount, is included in net investment income under the effective yield method. The amortized cost of fixed maturity securities available-for-sale is written down to fair value when a decline in value is considered to be other-than-temporary. | |
Equity securities available-for-sale is comprised of mutual funds, common stocks and preferred stocks that are carried at fair value. The associated unrealized gains and losses, net of applicable income taxes, are included in accumulated other comprehensive income. The cost of equity securities available-for-sale is written down to fair value when a decline in value is considered to be other-than-temporary. Dividends from these investments are recognized in net investment income when declared. | |
The Company evaluates the difference between the cost or amortized cost and estimated fair value of its investments to determine whether any decline in value is other-than-temporary in nature. This determination involves a degree of uncertainty. If a decline in the fair value of a security is determined to be temporary, the decline is recorded as an unrealized loss in stockholders' equity. If a decline in a security's fair value is considered to be other-than-temporary, the Company then determines the proper treatment for the other-than-temporary impairment. For fixed maturity securities available-for-sale, the amount of any other-than-temporary impairment related to a credit loss is recognized in earnings and reflected as a reduction in the cost basis of the security; and the amount of any other-than-temporary impairment related to other factors is recognized in other comprehensive income (loss) with no change to the cost basis of the security. For equity securities available-for-sale, the amount of any other-than-temporary impairment is recognized in earnings and reflected as a reduction in the cost basis of the security. | |
The assessment of whether a decline in fair value is considered temporary or other-than-temporary includes management's judgment as to the financial position and future prospects of the entity issuing the security. It is not possible to accurately predict when it may be determined that a specific security will become impaired. Future adverse changes in market conditions, poor operating results of underlying investments and defaults on mortgage loan payments could result in losses or an inability to recover the current carrying value of the investments, thereby possibly requiring an impairment charge in the future. | |
Likewise, if a change occurs in the Company’s intent to sell temporarily impaired securities prior to maturity or recovery in value, or if it becomes more likely than not that the Company will be required to sell such securities prior to recovery in value or maturity, a future impairment charge could result. | |
If an other-than-temporary impairment related to a credit loss occurs with respect to a bond, the Company amortizes the reduced book value back to the security's expected recovery value over the remaining term of the bond. The Company continues to review the security for further impairment that would prompt another write-down in the value. | |
Mortgage loans are carried at unpaid balances, net of unamortized premium or discounts. Interest income and the amortization of premiums or discounts are included in net investment income. Mortgage loan fees, certain direct loan origination costs, and purchase premiums and discounts on loans are recognized as an adjustment of yield by the interest method based on the contractual terms of the loan. In certain circumstances, prepayments may be anticipated. The Company has established a valuation allowance for mortgage loans on real estate that are not supported by funds held in escrow. | |
Investment real estate is carried at cost less accumulated depreciation. Depreciation on investment real estate is calculated over an estimated useful life of 19 years. | |
Policy loans are carried at unpaid principal balances. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. | |
Other long term investments are comprised of lottery prize receivables and are carried at amortized cost, net of unamortized discount. Interest income and the accretion of discount are included in net investment income. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash on hand, amounts due from banks and money market instruments. | |
Revenue Recognition, Policy [Policy Text Block] | ' |
Investment Income and Realized Gains and Losses on Sales of Investments | |
Interest and dividends earned on investments are included in net investment income. Realized gains and losses on sales of investments are recognized in operations on the specific identification basis. | |
Deferred Policy Acquisition Costs, Policy [Policy Text Block] | ' |
Deferred Policy Acquisition Costs | |
Commissions and other acquisition costs which vary with and are primarily related to the successful production of new business are deferred and amortized in a systematic manner based on the related contract revenues or gross profits as appropriate. Recoverability of deferred acquisition costs is evaluated periodically by comparing the current estimate of the present value of expected pretax future profits to the unamortized asset balance. If this current estimate is less than the existing balance, the difference is charged to expense. | |
Deferred acquisition costs for the successful production of traditional life insurance contracts are deferred to the extent deemed recoverable and amortized over the premium paying period of the related policies using assumptions consistent with those used in computing future policy benefit liabilities. Deferred acquisition costs related to the successful production of insurance and annuity products that subject the Company to mortality or morbidity risk over a period that extends beyond the period or periods in which premiums are collected and that have terms that are fixed and guaranteed (i.e., limited-payment long-duration annuity contracts) are deferred to the extent deemed recoverable and amortized in relation to the present value of actual and expected gross profits on the policies. | |
To the extent that realized gains and losses on fixed income securities result in adjustments to deferred acquisition costs related to insurance and annuity products, such adjustments are reflected as a component of the amortization of deferred acquisition costs. Deferred acquisition costs related to limited-payment long-duration insurance and annuity contracts are also adjusted, net of tax, for the change in amortization that would have been recorded if the unrealized gains (losses) from available-for-sale securities had actually been realized. This adjustment is included in the change in net unrealized appreciation (depreciation) on available-for-sale securities, a component of “Accumulated Other Comprehensive Income” in the shareholders’ equity section of the statement of financial position | |
Policy Loans Receivable, Policy [Policy Text Block] | ' |
Loans from Premium Financing | |
Loans from premium financing are carried at their outstanding unpaid principal balances, net of unearned interest, charge-offs and an allowance for loan losses. Interest on loans is earned based on the interest method for computing unearned interest. The rule of 78s is used to calculate the amount of the interest charge to be forgiven in the event that a loan is repaid prior to the agreed upon number of monthly payments. When serious doubt concerning collectability arises, loans are placed on a nonaccrual basis. Generally if no payment is received after one hundred twenty days, all accrued and uncollected interest income is reversed against current period operations. Interest income on nonaccrual loans is recognized only when the loan is paid in full. Loan origination fees and costs are charged to expense as incurred. | |
Premiums Receivable, Allowance for Doubtful Accounts, Estimation Methodology, Policy [Policy Text Block] | ' |
Allowance for Loan Losses from Premium Financing | |
The allowance for possible loan losses from financing casualty insurance premiums is a reserve established through a provision for possible loan losses charged to expense which represents, in management’s judgment, the known and inherent credit losses existing in the loan portfolio. The allowance, in the judgment of management, is necessary to reserve for estimated loan losses inherent in the loan portfolio and reduces the carrying value of the loans from premium financing to the estimated net realizable value on the statement of financial position. | |
While management utilizes its best judgment and information available, the ultimate adequacy of the allowance is dependent upon a variety of factors beyond the Company’s control, including the performance of the Company’s loan portfolio, the economy and changes in interest rates. The Company’s allowance for possible loan losses consists of specific valuation allowances established for probable losses on specific loans and a portfolio reserve for probable incurred but not specifically identified loans. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. | |
Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis. | |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Property and Equipment | |
Property and equipment are carried at cost less accumulated depreciation or amortization. Office furniture, equipment and computer software is recorded at cost or fair value at acquisition less accumulated depreciation or amortization using the straight-line method over the estimated useful life of the respective assets of three to ten years. Leasehold improvements are recorded at cost and depreciated over the remaining non-cancellable lease term. | |
Reinsurance Accounting Policy [Policy Text Block] | ' |
Reinsurance | |
The Company cedes reinsurance under various agreements allowing management to control exposure to potential losses arising from large risks and providing additional capacity for growth. Estimated reinsurance recoverable balances are reported as assets and are recognized in a manner consistent with the liabilities related to the underlying reinsured contracts. | |
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Policy [Policy Text Block] | ' |
Value of Insurance Business Acquired | |
As a result of the Company’s purchase of FLAC and Family Benefit Life, an asset was recorded in the application of purchase accounting to recognize the value of acquired insurance in force. The Company’s value of acquired insurance in force is an intangible asset with a definite life and is amortized under Financial Accounting Standards Board (“FASB”) guidance. The value of acquired insurance in force is amortized primarily over the emerging profit of the related policies using the same assumptions that were used in computing liabilities for future policy benefits. | |
For the amortization of the value of acquired insurance in force, the Company periodically reviews its estimates of gross profits. The most significant assumptions involved in the estimation of gross profits include interest rate spreads, future financial market performance, business surrender/lapse rates, mortality and morbidity, expenses and the impact of realized investment gains and losses. In the event actual experience differs significantly from assumptions or assumptions are significantly revised, the Company is required to record a charge or credit to amortization expense for the period in which an adjustment is made. | |
As of December 31, 2013 and 2012, there was $1,653,087 and $1,230,982, respectively, of accumulated amortization of the value of insurance business acquired due to the purchases of FLAC and Family Benefit Life. The Company expects to amortize the value of insurance business acquired by the following amounts over the next five years: $444,757 in 2014, $419,319 in 2015, $387,194 in 2016, $359,659 in 2017 and $308,631 in 2018. | |
Other Assets and Liabilities Policy [Policy Text Block] | ' |
Other Assets and Other Liabilities | |
Other assets consist primarily of prepaid expenses, recoverable federal and state income taxes, guaranty funds, notes receivable, customer account balances receivable and receivables for securities sold with trade dates and settlement dates in different years. Other liabilities consist primarily of accrued expenses, account payables, deposits on pending policy applications, unearned investment income and payable for securities purchased with trade dates and settlement dates in different years. | |
Policyholder Accounts, Policy [Policy Text Block] | ' |
Policyholders’ Account Balances | |
The Company’s liability for policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the financial statement date. This liability is generally equal to the accumulated account deposits plus interest credited less policyholders’ withdrawals and other charges assessed against the account balance. Interest crediting rates for individual annuities range from 2.25% to 5.00%. Interest crediting rates for deposit-type liabilities range from 3.00% to 5.25%. | |
Future Policy Benefits Liability, Policy [Policy Text Block] | ' |
Future Policy Benefits | |
The Company’s liability for future policy benefits is primarily comprised of the present value of estimated future payments to or on behalf of policyholders, where the timing and amount of payment depends on policyholder mortality or morbidity, less the present value of future net premiums. For life insurance and annuity products, expected mortality and morbidity is generally based on the Company’s historical experience or standard industry tables including a provision for the risk of adverse deviation. Interest rate assumptions are based on factors such as market conditions and expected investment returns. Although mortality, morbidity and interest rate assumptions are “locked-in” upon the issuance of new insurance with fixed and guaranteed terms, significant changes in experience or assumptions may require the Company to provide for expected future losses on a product by establishing premium deficiency reserves. | |
Unpaid Policy Claims and Claims Adjustment Expense, Policy [Policy Text Block] | ' |
Policy Claims | |
Policy claim liabilities represent the estimated liabilities for claims reported plus estimated incurred but not yet reported claims developed from trends of historical market data applied to current exposure. | |
Income Tax, Policy [Policy Text Block] | ' |
Federal Income Taxes | |
The Company uses the liability method of accounting for income taxes. Deferred income taxes are provided for cumulative temporary differences between balances of assets and liabilities determined under GAAP and balances determined using tax bases. A valuation allowance is established for the amount of the deferred tax asset that exceeds the amount of the estimated future taxable income needed to utilize the future tax benefits. | |
Stockholders' Equity, Policy [Policy Text Block] | ' |
Common Stock | |
Common stock is fully paid, non-assessable and has a par value of $.01 per share. | |
On January 11, 2012, the Company’s Board of Directors approved a 5% common stock dividend by which shareholders received a share of common stock for each 20 shares of common stock of the Company they held. The dividend was payable to the holders of shares of the Company as of March 10, 2012. Fractional shares were rounded to the nearest whole number of shares. The Company issued 378,928 shares in connection with the stock dividend that resulted in accumulated earnings being charged $2,841,960 with an offsetting credit of $2,841,960 to common stock and additional paid-in capital. | |
These stock dividends were non-cash investing and financing activities | |
Comprehensive Income, Policy [Policy Text Block] | ' |
Accumulated Other Comprehensive Income | |
FASB guidance requires the inclusion of unrealized gains or losses on available-for-sale securities, net of tax, as a component of other comprehensive income. Unrealized gains and losses recognized in accumulated other comprehensive income that are later recognized in net income through a reclassification adjustment are identified on the specific identification method. | |
In addition, deferred acquisition costs related to limited-payment long-duration insurance and annuity contracts are also adjusted, net of tax, for the change in amortization that would have been recorded if the unrealized gains (losses) from available-for-sale securities had actually been realized. This adjustment is included in the change in net unrealized appreciation (depreciation) on available-for-sale securities, a component of “Accumulated Other Comprehensive Income” in the shareholders’ equity section of the statement of financial position. | |
Insurance Premiums Revenue Recognition, Policy [Policy Text Block] | ' |
Revenues and Expenses | |
Revenues on traditional life insurance products consist of direct premiums reported as earned when due. Liabilities for future policy benefits are provided and acquisition costs are amortized in a systematic manner based on the related contract revenues or gross profits as appropriate. Acquisition costs for traditional life insurance contracts are deferred to the extent deemed recoverable and are amortized over the premium paying period of the related policies using assumptions consistent with those used in computing future policy benefit liabilities. Traditional life insurance products are treated as long-duration contracts since they are ordinary whole life insurance products, which generally remain in force for the lifetime of the insured. | |
Deferred acquisition costs related to insurance and annuity products that subject the Company to mortality or morbidity risk over a period that extends beyond the period or periods in which premiums are collected and that have terms that are fixed and guaranteed are deferred to the extent deemed recoverable and amortized in relation to the present value of actual and expected gross profits on the policies. These insurance and annuity contracts are treated as long-duration insurance contracts since the Company is subject to risk from policyholder mortality and morbidity over an extended period. | |
Income from premium financing includes cancellation and late fees. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Net Income per Common Share | |
Net income per common share basic and diluted is calculated using the weighted average number of common shares outstanding and subscribed during the year. The weighted average outstanding and subscribed common shares basic and diluted for the years ended December 31, 2013 and 2012 were 7,852,014 and 7,883,901 respectively. These weighted average shares reflect the retrospective adjustment for the impact of the 5% stock dividend declared by the Company on January 11, 2012 and payable to holders of shares of the Company as of March 10, 2012. | |
Subsequent Events, Policy [Policy Text Block] | ' |
Subsequent Events | |
Management has evaluated all events subsequent to December 31, 2013 through the date that these financial statements have been issued. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | |
In February 2013, the FASB issued updated guidance to improve the reporting of reclassifications out of accumulated other comprehensive income. The guidance requires an entity to present, either on the face of the statement of operations or in the notes, separately for each component of comprehensive income, the current period reclassifications out of accumulated other comprehensive income by the respective line items of net income affected by the reclassification. | |
The updated guidance is effective prospectively for reporting periods beginning after December 15, 2012. The Company adopted the updated guidance effective March 31, 2013, and such adoption did not have any effect on the Company’s results of operations, financial position or liquidity. |
Consolidated_Statements_of_Cas2
Consolidated Statements of Cash Flows Supplemental Disclosures (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | ||||
Year Ended December 31, 2013 | |||||
Reduction in notes receivable for recovery of investment real estate | $ | 125,464 | |||
Recognition of investment real estate from foreclosure | $ | 125,464 | |||
Year Ended December 31, 2012 | |||||
Fair value of shares issued in connection with the stock dividend (378,928 shares issued in 2012) | $ | 2,841,960 | |||
Reduction in accumulated earnings (deficit) | (2,841,960 | ) | |||
Increase in common stock, par value $.01 | 3,789 | ||||
Increase in additional paid-in-capital | 2,838,171 | ||||
Change in shareholders' equity | $ | - |
Note_2_Investments_Tables
Note 2 - Investments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Note 2 - Investments (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
31-Dec-13 | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||||||||||
U.S. government and U.S. government agencies | $ | 3,163,203 | $ | 177,700 | $ | 285,282 | $ | 3,055,621 | |||||||||||||||||||||||||
States and political subdivisions | 209,495 | 601 | 9,698 | 200,398 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 86,022 | 62,588 | - | 148,610 | |||||||||||||||||||||||||||||
Corporate bonds | 89,683,844 | 3,332,305 | 1,262,513 | 91,753,636 | |||||||||||||||||||||||||||||
Foreign bonds | 5,076,259 | 234,153 | 38,966 | 5,271,446 | |||||||||||||||||||||||||||||
Total fixed maturity securities | 98,218,823 | 3,807,347 | 1,596,459 | 100,429,711 | |||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||
Mutual funds | 68,808 | 15,759 | - | 84,567 | |||||||||||||||||||||||||||||
Corporate preferred stock | 347,905 | 21,752 | 32,605 | 337,052 | |||||||||||||||||||||||||||||
Corporate common stock | 150,984 | 144,830 | - | 295,814 | |||||||||||||||||||||||||||||
Total equity securities | 567,697 | 182,341 | 32,605 | 717,433 | |||||||||||||||||||||||||||||
Total fixed maturity and equity securities | $ | 98,786,520 | $ | 3,989,688 | $ | 1,629,064 | $ | 101,147,144 | |||||||||||||||||||||||||
31-Dec-12 | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||||||||||
U.S. government and U.S. government agencies | $ | 2,577,074 | $ | 256,628 | $ | 5,769 | $ | 2,827,933 | |||||||||||||||||||||||||
States and political subdivisions | 264,854 | 1,970 | 4,539 | 262,285 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 107,229 | 67,890 | - | 175,119 | |||||||||||||||||||||||||||||
Corporate bonds | 84,325,622 | 6,578,982 | 83,812 | 90,820,792 | |||||||||||||||||||||||||||||
Foreign bonds | 4,268,529 | 344,630 | 39,491 | 4,573,668 | |||||||||||||||||||||||||||||
Total fixed maturity securities | 91,543,308 | 7,250,100 | 133,611 | 98,659,797 | |||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||
Mutual funds | 162,447 | 40,795 | - | 203,242 | |||||||||||||||||||||||||||||
Corporate preferred stock | 347,905 | 24,415 | - | 372,320 | |||||||||||||||||||||||||||||
Corporate common stock | 185,494 | 82,441 | - | 267,935 | |||||||||||||||||||||||||||||
Total equity securities | 695,846 | 147,651 | - | 843,497 | |||||||||||||||||||||||||||||
Total fixed maturity and equity securities | $ | 92,239,154 | $ | 7,397,751 | $ | 133,611 | $ | 99,503,294 | |||||||||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
31-Dec-13 | Fair Value | Unrealized | Number of | ||||||||||||||||||||||||||||||
Loss | Securities | ||||||||||||||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||||||||||
Less than 12 months | |||||||||||||||||||||||||||||||||
U.S. government and U.S. government agencies | $ | 1,144,718 | $ | 285,282 | 3 | ||||||||||||||||||||||||||||
States and political subdivisions | 97,934 | 9,698 | 1 | ||||||||||||||||||||||||||||||
Corporate bonds | 31,495,624 | 1,225,816 | 141 | ||||||||||||||||||||||||||||||
Foreign bonds | 1,364,449 | 38,966 | 5 | ||||||||||||||||||||||||||||||
Total less than 12 months | 34,102,725 | 1,559,762 | 150 | ||||||||||||||||||||||||||||||
More than 12 months | |||||||||||||||||||||||||||||||||
Corporate bonds | 531,683 | 36,697 | 4 | ||||||||||||||||||||||||||||||
Total more than 12 months | 531,683 | 36,697 | 4 | ||||||||||||||||||||||||||||||
Total fixed maturity securities | 34,634,408 | 1,596,459 | 154 | ||||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||
Less than 12 months | |||||||||||||||||||||||||||||||||
Corporate preferred stock | 185,840 | 32,605 | 3 | ||||||||||||||||||||||||||||||
Total equity securities | 185,840 | 32,605 | 3 | ||||||||||||||||||||||||||||||
Total fixed maturity and equity securities | $ | 34,820,248 | $ | 1,629,064 | 157 | ||||||||||||||||||||||||||||
31-Dec-12 | Fair Value | Unrealized | Number of | ||||||||||||||||||||||||||||||
Loss | Securities | ||||||||||||||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||||||||||
Less than 12 months | |||||||||||||||||||||||||||||||||
U.S. government and U.S. government agencies | $ | 594,232 | $ | 5,769 | 1 | ||||||||||||||||||||||||||||
States and political subdivisions | 104,243 | 4,539 | 1 | ||||||||||||||||||||||||||||||
Corporate bonds | 5,772,021 | 83,812 | 28 | ||||||||||||||||||||||||||||||
Foreign bonds | 916,406 | 39,491 | 5 | ||||||||||||||||||||||||||||||
Total fixed maturity securities | $ | 7,386,902 | $ | 133,611 | 35 | ||||||||||||||||||||||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
Unrealized appreciation on available-for-sale securities | $ | 2,360,624 | $ | 7,264,140 | |||||||||||||||||||||||||||||
Adjustment to deferred acquisition costs | (12,927 | ) | (38,299 | ) | |||||||||||||||||||||||||||||
Deferred income taxes | (469,540 | ) | (1,445,171 | ) | |||||||||||||||||||||||||||||
Net unrealized appreciation on available-for-sale securities | $ | 1,878,157 | $ | 5,780,670 | |||||||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||||||
Due in one year or less | $ | 3,671,560 | $ | 3,713,886 | |||||||||||||||||||||||||||||
Due in one year through five years | 9,713,960 | 10,439,713 | |||||||||||||||||||||||||||||||
Due in five years through ten years | 5,891,077 | 7,098,060 | |||||||||||||||||||||||||||||||
Due after ten years | 2,487,051 | 3,477,051 | |||||||||||||||||||||||||||||||
$ | 21,763,648 | $ | 24,728,710 | ||||||||||||||||||||||||||||||
Realized Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||
Fixed Maturity Securities | Equity Securities | Mortgage Loans on Real Estate | Investment Real Estate | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Proceeds | $ | 10,805,866 | $ | 9,511,967 | $ | 97,975 | $ | 1,114,426 | $ | 2,323,743 | $ | - | $ | 180,000 | $ | 512,500 | |||||||||||||||||
Gross realized gains | 925,571 | 240,255 | 3 | 442,737 | 264,396 | - | - | 75,832 | |||||||||||||||||||||||||
Gross realized losses | (10,562 | ) | (11,935 | ) | (46,957 | ) | - | - | - | - | - | ||||||||||||||||||||||
Other income | - | - | - | - | - | - | 3,047 | - | |||||||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Change in unrealized investment gains: | |||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | (4,905,601 | ) | $ | 4,193,385 | ||||||||||||||||||||||||||||
Equity securities | 2,085 | (301 | ) | ||||||||||||||||||||||||||||||
Net realized investment gains (losses): | |||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||
Fixed maturity securities | 915,009 | 228,320 | |||||||||||||||||||||||||||||||
Equity securities | (46,954 | ) | 442,737 | ||||||||||||||||||||||||||||||
Mortgage loans on real estate | 264,396 | - | |||||||||||||||||||||||||||||||
Investment real estate | - | 75,832 | |||||||||||||||||||||||||||||||
Schedule of Real Estate Properties [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
Land | $ | 1,453,135 | $ | 895,968 | |||||||||||||||||||||||||||||
Buildings | 5,688,816 | 2,411,629 | |||||||||||||||||||||||||||||||
Less - accumulated depreciation | (609,980 | ) | (448,832 | ) | |||||||||||||||||||||||||||||
Buildings net of accumulated depreciation | 5,078,836 | 1,962,797 | |||||||||||||||||||||||||||||||
Investment real estate, net of accumulated depreciation | $ | 6,531,971 | $ | 2,858,765 | |||||||||||||||||||||||||||||
Investment Holdings, Other than Securities [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
Amount | Percentage | Amount | Percentage | ||||||||||||||||||||||||||||||
New York | $ | 10,765,595 | 49.46 | % | $ | 9,001,771 | 46.01 | % | |||||||||||||||||||||||||
Massachusetts | 3,856,116 | 17.72 | % | 3,568,563 | 18.24 | % | |||||||||||||||||||||||||||
Texas | 1,330,004 | 6.11 | % | 1,302,576 | 6.66 | % | |||||||||||||||||||||||||||
Georgia | 995,151 | 4.57 | % | 1,066,346 | 5.45 | % | |||||||||||||||||||||||||||
California | 896,920 | 4.12 | % | 952,335 | 4.87 | % | |||||||||||||||||||||||||||
Connecticut | 615,310 | 2.83 | % | 648,779 | 3.32 | % | |||||||||||||||||||||||||||
Illinois | 601,146 | 2.76 | % | 571,755 | 2.92 | % | |||||||||||||||||||||||||||
Pennsylvania | 441,042 | 2.03 | % | 507,649 | 2.6 | % | |||||||||||||||||||||||||||
Michigan | 343,241 | 1.58 | % | 353,487 | 1.81 | % | |||||||||||||||||||||||||||
Virginia | 339,605 | 1.56 | % | 492,241 | 2.52 | % | |||||||||||||||||||||||||||
Ohio | 332,943 | 1.53 | % | 365,412 | 1.87 | % | |||||||||||||||||||||||||||
Maine | 327,705 | 1.51 | % | - | 0 | % | |||||||||||||||||||||||||||
Washington | 321,954 | 1.48 | % | - | 0 | % | |||||||||||||||||||||||||||
Florida | 213,941 | 0.98 | % | 250,085 | 1.28 | % | |||||||||||||||||||||||||||
Arizona | 145,297 | 0.67 | % | 132,254 | 0.68 | % | |||||||||||||||||||||||||||
Indiana | 137,698 | 0.63 | % | 227,634 | 1.16 | % | |||||||||||||||||||||||||||
Kentucky | 99,980 | 0.46 | % | 119,907 | 0.61 | % | |||||||||||||||||||||||||||
$ | 21,763,648 | 100 | % | $ | 19,560,794 | 100 | % | ||||||||||||||||||||||||||
Investment Income [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 4,426,063 | $ | 4,194,409 | |||||||||||||||||||||||||||||
Equity securities | 35,413 | 49,235 | |||||||||||||||||||||||||||||||
Other long-term investments | 1,635,788 | 1,188,323 | |||||||||||||||||||||||||||||||
Mortgage loans | 1,150,498 | 544,567 | |||||||||||||||||||||||||||||||
Policy loans | 100,512 | 100,120 | |||||||||||||||||||||||||||||||
Real estate | 375,290 | 370,620 | |||||||||||||||||||||||||||||||
Short-term and other investments | 94,759 | 21,939 | |||||||||||||||||||||||||||||||
Gross investment income | 7,818,323 | 6,469,213 | |||||||||||||||||||||||||||||||
Investment expenses | (791,317 | ) | (548,935 | ) | |||||||||||||||||||||||||||||
Net investment income | $ | 7,027,006 | $ | 5,920,278 | |||||||||||||||||||||||||||||
By Property Type [Member] | ' | ||||||||||||||||||||||||||||||||
Note 2 - Investments (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
Amount | Percentage | Amount | Percentage | ||||||||||||||||||||||||||||||
Commercial mortgage loans | |||||||||||||||||||||||||||||||||
Retail stores | $ | 1,901,937 | 9.95 | % | $ | 2,043,825 | 19.59 | % | |||||||||||||||||||||||||
Office buildings | 212,451 | 1.11 | % | 223,735 | 2.14 | % | |||||||||||||||||||||||||||
Total commercial mortgage loans | $ | 2,114,388 | 11.06 | % | $ | 2,267,560 | 21.73 | % | |||||||||||||||||||||||||
Residential mortgage loans | 17,010,481 | 88.94 | % | 8,168,216 | 78.27 | % | |||||||||||||||||||||||||||
Total mortgage loans | $ | 19,124,869 | 100 | % | $ | 10,435,776 | 100 | % | |||||||||||||||||||||||||
By State [Member] | ' | ||||||||||||||||||||||||||||||||
Note 2 - Investments (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
Amount | Percentage | Amount | Percentage | ||||||||||||||||||||||||||||||
Georgia | $ | 3,947,488 | 20.64 | % | $ | 1,960,384 | 18.79 | % | |||||||||||||||||||||||||
Texas | 3,619,103 | 18.92 | % | 1,076,014 | 10.31 | % | |||||||||||||||||||||||||||
California | 2,140,098 | 11.19 | % | 995,025 | 9.53 | % | |||||||||||||||||||||||||||
Missouri | 1,819,599 | 9.51 | % | 1,381,279 | 13.24 | % | |||||||||||||||||||||||||||
Colorado | 1,312,331 | 6.86 | % | 1,089,059 | 10.44 | % | |||||||||||||||||||||||||||
Florida | 1,241,883 | 6.49 | % | 940,363 | 9.01 | % | |||||||||||||||||||||||||||
New York | 714,142 | 3.73 | % | 739,884 | 7.09 | % | |||||||||||||||||||||||||||
Washington | 482,120 | 2.52 | % | - | 0 | % | |||||||||||||||||||||||||||
Michigan | 448,244 | 2.34 | % | 311,173 | 2.98 | % | |||||||||||||||||||||||||||
Arizona | 324,720 | 1.7 | % | 337,179 | 3.23 | % | |||||||||||||||||||||||||||
North Carolina | 305,712 | 1.6 | % | - | 0 | % | |||||||||||||||||||||||||||
Utah | 285,120 | 1.49 | % | 295,556 | 2.83 | % | |||||||||||||||||||||||||||
Louisiana | 268,095 | 1.4 | % | 181,357 | 1.74 | % | |||||||||||||||||||||||||||
Connecticut | 254,288 | 1.33 | % | - | 0 | % | |||||||||||||||||||||||||||
Pennsylvania | 253,326 | 1.32 | % | 268,040 | 2.57 | % | |||||||||||||||||||||||||||
Indiana | 249,120 | 1.3 | % | - | 0 | % | |||||||||||||||||||||||||||
Tennessee | 219,758 | 1.15 | % | - | 0 | % | |||||||||||||||||||||||||||
Kentucky | 216,690 | 1.13 | % | 109,748 | 1.05 | % | |||||||||||||||||||||||||||
Massachusetts | - | 0 | % | 206,665 | 1.98 | % | |||||||||||||||||||||||||||
All other states | 1,023,032 | 5.38 | % | 544,050 | 5.21 | % | |||||||||||||||||||||||||||
$ | 19,124,869 | 100 | % | $ | 10,435,776 | 100 | % | ||||||||||||||||||||||||||
Available-for-sale Fixed Maturity Securities [Member] | ' | ||||||||||||||||||||||||||||||||
Note 2 - Investments (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||||
Due in one year or less | $ | 6,928,621 | $ | 7,105,701 | |||||||||||||||||||||||||||||
Due in one year through five years | 33,186,100 | 35,036,112 | |||||||||||||||||||||||||||||||
Due after five years through ten years | 46,779,589 | 47,441,338 | |||||||||||||||||||||||||||||||
Due after ten years | 11,238,491 | 10,697,950 | |||||||||||||||||||||||||||||||
Due at multiple maturity dates | 86,022 | 148,610 | |||||||||||||||||||||||||||||||
$ | 98,218,823 | $ | 100,429,711 |
Note_3_Fair_Value_Measurements1
Note 3 - Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Fixed maturity securities, available-for-sale | |||||||||||||||||||||
U.S. government and U.S. government agencies | $ | - | $ | 3,055,621 | $ | - | $ | 3,055,621 | |||||||||||||
States and political subdivisions | - | 200,398 | - | 200,398 | |||||||||||||||||
Residential mortgage-backed securities | - | 148,610 | - | 148,610 | |||||||||||||||||
Corporate bonds | - | 91,753,636 | - | 91,753,636 | |||||||||||||||||
Foreign bonds | - | 5,271,446 | - | 5,271,446 | |||||||||||||||||
Total fixed maturity securities | $ | - | $ | 100,429,711 | $ | - | $ | 100,429,711 | |||||||||||||
Equity securities, available-for-sale | |||||||||||||||||||||
Mutual funds | $ | - | $ | 84,567 | $ | - | $ | 84,567 | |||||||||||||
Corporate preferred stock | 81,540 | 255,512 | - | 337,052 | |||||||||||||||||
Corporate common stock | 277,814 | - | 18,000 | 295,814 | |||||||||||||||||
Total equity securities | $ | 359,354 | $ | 340,079 | $ | 18,000 | $ | 717,433 | |||||||||||||
31-Dec-12 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Fixed maturity securities, available-for-sale | |||||||||||||||||||||
U.S. government and U.S. government agencies | $ | - | $ | 2,827,933 | $ | - | $ | 2,827,933 | |||||||||||||
States and political subdivisions | - | 262,285 | - | 262,285 | |||||||||||||||||
Residential mortgage-backed securities | - | 175,119 | - | 175,119 | |||||||||||||||||
Corporate bonds | - | 90,820,792 | - | 90,820,792 | |||||||||||||||||
Foreign bonds | - | 4,573,668 | - | 4,573,668 | |||||||||||||||||
Total fixed maturity securities | $ | - | $ | 98,659,797 | $ | - | $ | 98,659,797 | |||||||||||||
Equity securities, available-for-sale | |||||||||||||||||||||
Mutual funds | $ | - | $ | 203,242 | $ | - | $ | 203,242 | |||||||||||||
Corporate preferred stock | - | 372,320 | - | 372,320 | |||||||||||||||||
Corporate common stock | 215,435 | - | 52,500 | 267,935 | |||||||||||||||||
Total equity securities | $ | 215,435 | $ | 575,562 | $ | 52,500 | $ | 843,497 | |||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Beginning balance | $ | 52,500 | $ | 77,500 | |||||||||||||||||
Purchases | 8,000 | 10,000 | |||||||||||||||||||
Sales | - | (35,000 | ) | ||||||||||||||||||
Impairment | (42,500 | ) | - | ||||||||||||||||||
Ending balance | $ | 18,000 | $ | 52,500 | |||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Carrying | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Amount | Value | ||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Mortgage loans on real estate | |||||||||||||||||||||
Commercial | $ | 2,114,388 | $ | 2,169,618 | $ | - | $ | - | $ | 2,169,618 | |||||||||||
Residential | 17,010,481 | 17,758,414 | - | - | 17,758,414 | ||||||||||||||||
Policy loans | 1,488,646 | 1,488,646 | - | - | 1,488,646 | ||||||||||||||||
Other long-term investments | 21,763,648 | 24,728,710 | - | - | 24,728,710 | ||||||||||||||||
Cash and cash equivalents | 10,608,438 | 10,608,438 | 10,608,438 | - | - | ||||||||||||||||
Accrued investment income | 1,558,153 | 1,558,153 | - | - | 1,558,153 | ||||||||||||||||
Loans from premium financing | 133,386 | 133,386 | - | - | 133,386 | ||||||||||||||||
Total financial assets | $ | 54,677,140 | $ | 58,445,365 | $ | 10,608,438 | $ | - | $ | 47,836,927 | |||||||||||
Financial liabilities | |||||||||||||||||||||
Policyholders' account balances | $ | 113,750,681 | $ | 96,709,910 | $ | - | $ | - | $ | 95,395,372 | |||||||||||
Policy claims | 611,417 | 611,417 | - | - | 611,417 | ||||||||||||||||
Total financial liabilities | $ | 114,362,098 | $ | 96,006,789 | $ | - | $ | - | $ | 96,006,789 | |||||||||||
31-Dec-12 | |||||||||||||||||||||
Carrying | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Amount | Value | ||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Mortgage loans on real estate | |||||||||||||||||||||
Commercial | $ | 2,267,560 | $ | 2,330,004 | $ | - | $ | - | $ | 2,330,004 | |||||||||||
Residential | 8,168,216 | 8,177,697 | - | - | 8,177,697 | ||||||||||||||||
Policy loans | 1,488,035 | 1,488,035 | - | - | 1,488,035 | ||||||||||||||||
Other long-term investments | 19,560,794 | 23,168,994 | - | - | 23,168,994 | ||||||||||||||||
Cash and cash equivalents | 10,947,474 | 10,947,474 | 10,947,474 | - | - | ||||||||||||||||
Accrued investment income | 1,417,218 | 1,417,218 | - | - | 1,417,218 | ||||||||||||||||
Loans from premium financing | 261,072 | 261,072 | - | - | 261,072 | ||||||||||||||||
Total financial assets | $ | 44,110,369 | $ | 47,790,494 | $ | 10,947,474 | $ | - | $ | 36,843,020 | |||||||||||
Financial liabilities | |||||||||||||||||||||
Policyholders' account balances | $ | 95,043,370 | $ | 91,013,971 | $ | - | $ | - | $ | 91,013,971 | |||||||||||
Policy claims | 717,521 | 717,521 | - | - | 717,521 | ||||||||||||||||
Total financial liabilities | $ | 95,760,891 | $ | 91,731,492 | $ | - | $ | - | $ | 91,731,492 |
Note_5_Loans_from_Premium_Fina1
Note 5 - Loans from Premium Financing (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Premiums Receivable Disclosure [Abstract] | ' | ||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Allowance at beginning of period | $ | 228,999 | $ | 229,004 | |||||
Decreases credited to operations | (22,141 | ) | (5 | ) | |||||
Allowance at end of period | $ | 206,858 | $ | 228,999 |
Note_6_Deferred_Policy_Acquisi1
Note 6 - Deferred Policy Acquisition Costs (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Policy Acquisition Costs Disclosures [Abstract] | ' | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Balance, beginning of year | $ | 7,028,820 | $ | 5,251,999 | |||||
Capitalization of commissions, sales and issue expenses | 1,950,072 | 2,302,070 | |||||||
Amortization | (831,637 | ) | (512,546 | ) | |||||
Deferred acquisition costs allocated to investments | 25,372 | (12,703 | ) | ||||||
Balance, end of year | $ | 8,172,627 | $ | 7,028,820 |
Note_7_Federal_Income_Taxes_Ta
Note 7 - Federal Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Current tax expense | $ | 100,820 | $ | 273,054 | |||||
Deferred tax expense (benefit) | 217,932 | (417,122 | ) | ||||||
Total income tax expense (benefit) | $ | 318,752 | $ | (144,068 | ) | ||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Expected tax expense | $ | 422,826 | $ | 335,235 | |||||
Small life insurance company deduction | (869,387 | ) | (330,860 | ) | |||||
Increase in valuation allowance | 199,450 | 203,219 | |||||||
Adjustment of prior years' taxes | (273,053 | ) | - | ||||||
Net operating loss carryforward adjustment prior years | 409,978 | - | |||||||
Alternative Minimum Tax carryforward adjustment prior years | 246,246 | (91,478 | ) | ||||||
Capital loss carryforward adjustment prior years | 240,482 | - | |||||||
Difference in book versus tax basis of available-for-sale fixed maturity securities | - | (199,626 | ) | ||||||
Other | (57,790 | ) | (60,558 | ) | |||||
Total income tax expense (benefit) | $ | 318,752 | $ | (144,068 | ) | ||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Deferred tax liabilities: | |||||||||
Net unrealized investment gains | $ | 469,540 | $ | 1,445,171 | |||||
Available-for-sale fixed maturity securities | 677,135 | 809,542 | |||||||
Deferred policy acquisition costs | 1,218,058 | 1,027,500 | |||||||
Reinsurance recoverable | 237,596 | 236,482 | |||||||
Investment real estate | 34,165 | 33,780 | |||||||
Other long-term investments | 12,230 | 16,305 | |||||||
Value of insurance business acquired | 1,417,358 | 1,501,779 | |||||||
Property and equipment | 427 | 409 | |||||||
Due premiums | 17,400 | 19,183 | |||||||
Accrued liabilities | - | 117,448 | |||||||
Accrued investment income | 141 | - | |||||||
Mortgage loans | 41,360 | 32,513 | |||||||
Other | 156 | 13 | |||||||
Total deferred tax liabilities | 4,125,566 | 5,240,125 | |||||||
Deferred tax assets: | |||||||||
Policyholders' account balances and future policy benefits | 1,065,020 | 827,794 | |||||||
Policy claims | 25,356 | 28,485 | |||||||
Accrued investment income | - | 4,603 | |||||||
Accrued liabilities | 5,464 | - | |||||||
Available-for-sale equity securities | 70,191 | 51,906 | |||||||
Alternative minimum tax carryforward | 166,467 | 236,328 | |||||||
Net operating loss carryforward | 2,283,073 | 2,511,188 | |||||||
Net capital loss carryforward | 14,450 | 127,675 | |||||||
Other | 2,915 | 2,367 | |||||||
Total deferred tax assets | 3,632,936 | 3,790,346 | |||||||
Valuation allowance | (2,051,195 | ) | (1,851,745 | ) | |||||
Net deferred tax assets | 1,581,741 | 1,938,601 | |||||||
Net deferred tax liabilities | $ | 2,543,825 | $ | 3,301,524 |
Note_8_Reinsurance_Tables
Note 8 - Reinsurance (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Reinsurance Disclosures [Abstract] | ' | ||||||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Premiums assumed | $ | 234,902 | $ | 371,518 | |||||
Commissions and expense allowances | 76 | (16 | ) | ||||||
Benefits assumed | 114,017 | 489,344 | |||||||
Reserve credits assumed | 55,070 | 53,397 | |||||||
In force amount assumed | 21,456,751 | 414,183,269 | |||||||
Premiums ceded | 426,959 | 470,187 | |||||||
Commissions and expense allowances | 19,275 | 21,125 | |||||||
Benefits ceded | 476,979 | 216,895 | |||||||
Reserve credits ceded | 988,116 | 958,570 | |||||||
In force amount ceded | 63,109,819 | 71,962,540 |
Note_9_Property_and_Equipment_
Note 9 - Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Total property and equipment | $ | 326,258 | $ | 272,263 | |||||
Less - accumulated depreciation | (195,971 | ) | (147,705 | ) | |||||
Property and equipment net of accumulated depreciation | $ | 130,287 | $ | 124,558 |
Note_12_Segment_Data_Tables
Note 12 - Segment Data (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Revenues: | |||||||||
Life and annuity insurance operations | $ | 15,879,190 | $ | 14,275,397 | |||||
Premium finance operations | 44,145 | 102,734 | |||||||
Corporate operations | 224,898 | 430,389 | |||||||
Total | $ | 16,148,233 | $ | 14,808,520 | |||||
Income (loss) before income taxes: | |||||||||
Life and annuity insurance operations | $ | 1,881,079 | $ | 1,332,546 | |||||
Premium finance operations | (328,605 | ) | (224,951 | ) | |||||
Corporate operations | (344,399 | ) | (149,782 | ) | |||||
Total | $ | 1,208,075 | $ | 957,813 | |||||
Depreciation and amortization expense: | |||||||||
Life and annuity insurance operations | $ | 1,476,757 | $ | 1,112,688 | |||||
Premium finance operations | 3,723 | 3,692 | |||||||
Corporate operations | 19,187 | 15,106 | |||||||
Total | $ | 1,499,667 | $ | 1,131,486 | |||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Assets: | |||||||||
Life and annuity insurance operations | $ | 176,655,399 | $ | 158,151,031 | |||||
Premium finance operations | 449,649 | 979,390 | |||||||
Corporate operations | 6,068,111 | 6,319,896 | |||||||
Total | $ | 183,173,159 | $ | 165,450,317 |
Note_16_Other_Comprehensive_In1
Note 16 - Other Comprehensive Income and Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
Years Ended December 31, 2013 and 2012 | |||||||||||||
Unrealized | Adjustment to | Accumulated | |||||||||||
Appreciation on | Deferred Acquisition | Other | |||||||||||
Available-For-Sale Securities | Costs | Comprehensive Income | |||||||||||
Balance as of January 1, 2013 | $ | 5,811,309 | $ | (30,639 | ) | $ | 5,780,670 | ||||||
Other comprehensive loss before reclassifications, net of tax | (3,016,851 | ) | 20,298 | (2,996,553 | ) | ||||||||
Less amounts reclassified from accumulated other comprehensive loss, net of tax | (905,960 | ) | - | (905,960 | ) | ||||||||
Other comprehensive loss | (3,922,811 | ) | 20,298 | (3,902,513 | ) | ||||||||
Balance as of December 31, 2013 | $ | 1,888,498 | $ | (10,341 | ) | $ | 1,878,157 | ||||||
Balance as of January 1, 2012 | $ | 2,718,885 | $ | (22,661 | ) | $ | 2,696,224 | ||||||
Other comprehensive income before reclassifications, net of tax | 3,644,902 | (7,978 | ) | 3,636,924 | |||||||||
Less amounts reclassified from accumulated other comprehensive income, net of tax | (552,478 | ) | - | (552,478 | ) | ||||||||
Other comprehensive income | 3,092,424 | (7,978 | ) | 3,084,446 | |||||||||
Balance as of December 31, 2012 | $ | 5,811,309 | $ | (30,639 | ) | $ | 5,780,670 | ||||||
Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Pretax | Income Tax | Net of Tax | |||||||||||
Expense | |||||||||||||
(Benefit) | |||||||||||||
Other comprehensive loss: | |||||||||||||
Change in net unrealized gains on available-for-sale securities: | |||||||||||||
Unrealized holding losses arising during the period | $ | (3,771,065 | ) | $ | (754,214 | ) | $ | (3,016,851 | ) | ||||
Reclassification adjustment for gains included in income | (1,132,451 | ) | (226,491 | ) | (905,960 | ) | |||||||
Net unrealized losses on investments | (4,903,516 | ) | (980,705 | ) | (3,922,811 | ) | |||||||
Adjustment to deferred acquisition costs | 25,372 | 5,074 | 20,298 | ||||||||||
Total other comprehensive loss | $ | (4,878,144 | ) | $ | (975,631 | ) | $ | (3,902,513 | ) | ||||
Year Ended December 31, 2012 | |||||||||||||
Pretax | Income Tax | Net of Tax | |||||||||||
Expense | |||||||||||||
(Benefit) | |||||||||||||
Other comprehensive income: | |||||||||||||
Change in net unrealized gains on available-for-sale securities: | |||||||||||||
Unrealized holding gains arising during the period | $ | 4,939,973 | $ | 1,295,071 | $ | 3,644,902 | |||||||
Reclassification adjustment for gains included in income | (746,889 | ) | (194,411 | ) | (552,478 | ) | |||||||
Net unrealized gains on investments | 4,193,084 | 1,100,660 | 3,092,424 | ||||||||||
Adjustment to deferred acquisition costs | (12,703 | ) | (4,725 | ) | (7,978 | ) | |||||||
Total other comprehensive income | $ | 4,180,381 | $ | 1,095,935 | $ | 3,084,446 | |||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
Reclassification Adjustments | 2013 | 2012 | |||||||||||
Unrealized gains on available-for-sale securities: | |||||||||||||
Realized gains on sales of securities (a) | $ | 1,132,451 | $ | 746,889 | |||||||||
Income tax expenses (b) | 226,491 | 194,411 | |||||||||||
Total reclassification adjustments | $ | 905,960 | $ | 552,478 |
Consolidated_Statements_of_Cas3
Consolidated Statements of Cash Flows Supplemental Disclosures (Details) | 12 Months Ended |
Dec. 31, 2012 | |
Supplemental Cash Flow Elements [Abstract] | ' |
Common Stock Dividends, Shares (in Shares) | 378,928 |
Common Stock Dividends, Shares, Percent | 5.00% |
Consolidated_Statements_of_Cas4
Consolidated Statements of Cash Flows Supplemental Disclosures (Details) - Non-Cash Investing and Financing Activities (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Consolidated Statements of Cash Flows Supplemental Disclosures (Details) - Non-Cash Investing and Financing Activities [Line Items] | ' | ' |
Reduction in notes receivable for recovery of investment real estate | $125,464 | ' |
Recognition of investment real estate from foreclosure | 125,464 | ' |
Fair value of shares issued in connection with the stock dividend (378,928 shares issued in 2012) | ' | 2,841,960 |
Reduction in accumulated earnings (deficit) | ' | -2,841,960 |
Common Stock [Member] | ' | ' |
Consolidated Statements of Cash Flows Supplemental Disclosures (Details) - Non-Cash Investing and Financing Activities [Line Items] | ' | ' |
Increase in | ' | 3,789 |
Additional Paid-in Capital [Member] | ' | ' |
Consolidated Statements of Cash Flows Supplemental Disclosures (Details) - Non-Cash Investing and Financing Activities [Line Items] | ' | ' |
Increase in | ' | $2,838,171 |
Consolidated_Statements_of_Cas5
Consolidated Statements of Cash Flows Supplemental Disclosures (Details) - Non-Cash Investing and Financing Activities (Parentheticals) (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2013 | |
Consolidated Statements of Cash Flows Supplemental Disclosures (Details) - Non-Cash Investing and Financing Activities (Parentheticals) [Line Items] | ' | ' |
Fair value of shares issued in connection with the stock dividend (shares issued in 2012) | 378,928 | ' |
Increase in common stock, par value due to the stock dividend (in Dollars per share) | $0.01 | $0.01 |
Note_1_Organization_and_Signif1
Note 1 - Organization and Significant Accounting Policies (Details) (USD $) | 7 Months Ended | 12 Months Ended | 20 Months Ended | 22 Months Ended | |||||
Mar. 08, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2004 | Feb. 23, 2007 | Apr. 30, 2012 | Aug. 15, 2012 | Jan. 11, 2012 | Aug. 31, 2009 | |
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Private Placement | ' | ' | ' | $1,450,000 | ' | ' | ' | ' | ' |
Number of Private Placements | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Proceeds from Issuance Initial Public Offering | ' | ' | ' | ' | 14,025,000 | ' | ' | ' | ' |
Over-sale Provision, Percent | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | -22,772 | 1,786,267 | ' | ' | 11,000,010 | ' | ' | ' |
Private Placement, Number of Shares (in Shares) | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' |
Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | $8.50 | ' | ' |
Private Placement, Net Proceeds | ' | ' | ' | ' | ' | ' | 4,335,000 | ' | ' |
Proceeds from Issuance of Common Stock | 644,470 | -22,772 | 1,786,267 | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | 75,820 | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Stock Issuance Costs | 321,944 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Subsidiaries Merged | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Number of Wholly Owned Subsidiaries | ' | 2 | ' | ' | ' | ' | ' | ' | ' |
Wholly Owned Subsidiary, Ownership Percentage | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Amortization Expense, Next Twelve Months | ' | 444,757 | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Amortization Expense, Year Two | ' | 419,319 | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Amortization Expense, Year Three | ' | 387,194 | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Amortization Expense, Year Four | ' | 359,659 | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Amortization Expense, Year Five | ' | 308,631 | ' | ' | ' | ' | ' | ' | ' |
Liability for Policyholder Contract Deposits, Interest Rate, Deferred Annuity, Low End | ' | 2.25% | ' | ' | ' | ' | ' | ' | ' |
Liability for Policyholder Contract Deposits, Interest Rate, Deferred Annuity, High End | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' |
Common Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' |
Number of Shares (in Shares) | ' | ' | ' | ' | ' | ' | ' | 20 | ' |
Common Stock Dividends, Shares (in Shares) | ' | ' | 378,928 | ' | ' | ' | ' | ' | ' |
Weighted Average Number of Shares Outstanding, Basic and Diluted (in Shares) | ' | 7,852,014 | 7,883,901 | ' | ' | ' | ' | ' | ' |
Building [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | '19 years | ' | ' | ' | ' | ' | ' | ' |
Office Furniture, Equipment and Computer Software [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Office Furniture, Equipment and Computer Software [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | '10 years | ' | ' | ' | ' | ' | ' | ' |
Retained Earnings [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends | ' | ' | -2,841,960 | ' | ' | ' | ' | ' | ' |
Common Stock Including Additional Paid in Capital [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends | ' | ' | -2,841,960 | ' | ' | ' | ' | ' | ' |
TLIC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of States in which Entity Operates | ' | 8 | ' | ' | ' | ' | ' | ' | ' |
Initial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance Initial Public Offering | ' | ' | ' | ' | 12,750,000 | ' | ' | ' | ' |
Additional [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance Initial Public Offering | ' | ' | ' | ' | 1,275,000 | ' | ' | ' | ' |
Family Benefit Life Insurance Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of States in which Entity Operates | ' | 16 | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | ' | $1,653,087 | $1,230,982 | ' | ' | ' | ' | ' | ' |
First Term [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Products, Number of Years | ' | 10 | ' | ' | ' | ' | ' | ' | ' |
Second Term [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Products, Number of Years | ' | 15 | ' | ' | ' | ' | ' | ' | ' |
Third Term [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Products, Number of Years | ' | 20 | ' | ' | ' | ' | ' | ' | ' |
Fourth Term [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Products, Number of Years | ' | 30 | ' | ' | ' | ' | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Policyholder Dividends, Rate on Policy Earnings | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Policyholder Dividends, Rate on Policy Earnings | ' | 5.25% | ' | ' | ' | ' | ' | ' | ' |
Note_2_Investments_Details
Note 2 - Investments (Details) (USD $) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Lottery Prize Cash Flows [Member] | Lottery Prize Cash Flows [Member] | Debt Securities [Member] | Debt Securities [Member] | Equity Securities [Member] | TLIC [Member] | TLIC [Member] | TLIC [Member] | TLIC [Member] | TLIC [Member] | TLIC [Member] | Family Benefit Life Insurance Company [Member] | Greensburg, Indiana [Member] | Greensburg, Indiana [Member] | Norman, Oklahoma [Member] | Mortgage Loans on Real Estate [Member] | Cash [Member] | Independent Mortgage Loan [Member] | ||||
Topeka Kansas [Member] | Topeka Kansas [Member] | Greensburg, Indiana [Member] | Greensburg, Indiana [Member] | Norman, Oklahoma [Member] | Norman, Oklahoma [Member] | Jefferson City, Missouri [Member] | sqft | acre | sqft | ||||||||||||
sqft | acre | sqft | acre | sqft | acre | acre | |||||||||||||||
Note 2 - Investments (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Fair Value to Cost Ratio | ' | ' | ' | ' | ' | 77.00% | 93.00% | 78.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed Maturity Securities, Investment Grade Percentage | 96.00% | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Impaired (in Dollars) | $42,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Loans Past Due | 2 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Past Due Loans, Term Past Due | '90 days | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing (in Dollars) | 86,861 | 141,150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Mortgage Loans in Default | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses (in Dollars) | 206,858 | 228,999 | 229,004 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,195 | ' | ' |
Escrow Deposit (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 201,936 | 203,841 |
Area of Real Estate Property (in Acres) | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | 7 | 3,975 | 1 | 9,100 | 1 | ' | 3,975 | 1 | 9,100 | ' | ' | ' |
Area of Real Estate Property (in Square Feet) | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | 7 | 3,975 | 1 | 9,100 | 1 | ' | 3,975 | 1 | 9,100 | ' | ' | ' |
Area of Real Estate Property, Percent | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | 8.00% | 8.00% | 18.00% | 18.00% | ' | 8.00% | 8.00% | 18.00% | ' | ' | ' |
Number of Real Estate Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Area of Land (in Acres) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Other Investments (in Dollars) | ' | ' | ' | $21,763,648 | $19,560,794 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_2_Investments_Details_Ava
Note 2 - Investments (Details) - Available-for-sale Fixed Maturity and Equity Securities (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 2 - Investments (Details) - Available-for-sale Fixed Maturity and Equity Securities [Line Items] | ' | ' |
Amortized Cost | $98,786,520 | $92,239,154 |
Gross Unrealized Gains | 3,989,688 | 7,397,751 |
Gross Unrealized Losses | 1,629,064 | 133,611 |
Fair Value | 101,147,144 | 99,503,294 |
US Treasury and Government [Member] | ' | ' |
Note 2 - Investments (Details) - Available-for-sale Fixed Maturity and Equity Securities [Line Items] | ' | ' |
Amortized Cost | 3,163,203 | 2,577,074 |
Gross Unrealized Gains | 177,700 | 256,628 |
Gross Unrealized Losses | 285,282 | 5,769 |
Fair Value | 3,055,621 | 2,827,933 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Available-for-sale Fixed Maturity and Equity Securities [Line Items] | ' | ' |
Amortized Cost | 209,495 | 264,854 |
Gross Unrealized Gains | 601 | 1,970 |
Gross Unrealized Losses | 9,698 | 4,539 |
Fair Value | 200,398 | 262,285 |
Residential Mortgage Backed Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Available-for-sale Fixed Maturity and Equity Securities [Line Items] | ' | ' |
Amortized Cost | 86,022 | 107,229 |
Gross Unrealized Gains | 62,588 | 67,890 |
Fair Value | 148,610 | 175,119 |
Corporate Debt Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Available-for-sale Fixed Maturity and Equity Securities [Line Items] | ' | ' |
Amortized Cost | 89,683,844 | 84,325,622 |
Gross Unrealized Gains | 3,332,305 | 6,578,982 |
Gross Unrealized Losses | 1,262,513 | 83,812 |
Fair Value | 91,753,636 | 90,820,792 |
Foreign Government Debt Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Available-for-sale Fixed Maturity and Equity Securities [Line Items] | ' | ' |
Amortized Cost | 5,076,259 | 4,268,529 |
Gross Unrealized Gains | 234,153 | 344,630 |
Gross Unrealized Losses | 38,966 | 39,491 |
Fair Value | 5,271,446 | 4,573,668 |
Debt Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Available-for-sale Fixed Maturity and Equity Securities [Line Items] | ' | ' |
Amortized Cost | 98,218,823 | 91,543,308 |
Gross Unrealized Gains | 3,807,347 | 7,250,100 |
Gross Unrealized Losses | 1,596,459 | 133,611 |
Fair Value | 100,429,711 | 98,659,797 |
Mutual Funds [Member] | ' | ' |
Note 2 - Investments (Details) - Available-for-sale Fixed Maturity and Equity Securities [Line Items] | ' | ' |
Amortized Cost | 68,808 | 162,447 |
Gross Unrealized Gains | 15,759 | 40,795 |
Fair Value | 84,567 | 203,242 |
Preferred Stock [Member] | ' | ' |
Note 2 - Investments (Details) - Available-for-sale Fixed Maturity and Equity Securities [Line Items] | ' | ' |
Amortized Cost | 347,905 | 347,905 |
Gross Unrealized Gains | 21,752 | 24,415 |
Gross Unrealized Losses | 32,605 | ' |
Fair Value | 337,052 | 372,320 |
Common Stock [Member] | ' | ' |
Note 2 - Investments (Details) - Available-for-sale Fixed Maturity and Equity Securities [Line Items] | ' | ' |
Amortized Cost | 150,984 | 185,494 |
Gross Unrealized Gains | 144,830 | 82,441 |
Fair Value | 295,814 | 267,935 |
Equity Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Available-for-sale Fixed Maturity and Equity Securities [Line Items] | ' | ' |
Amortized Cost | 567,697 | 695,846 |
Gross Unrealized Gains | 182,341 | 147,651 |
Gross Unrealized Losses | 32,605 | ' |
Fair Value | $717,433 | $843,497 |
Note_2_Investments_Details_Sec
Note 2 - Investments (Details) - Securities in an Unrealized Loss Position (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 2 - Investments (Details) - Securities in an Unrealized Loss Position [Line Items] | ' | ' |
Less than Twelve Months - Fair Value | $34,102,725 | ' |
Less than Twelve Months - Unrealized Loss | 1,559,762 | ' |
Less than Twelve Months - Number of Securities | 150 | ' |
More than Twelve Months - Fair Value | 531,683 | ' |
More than Twelve Months - Unrealized Loss | 36,697 | ' |
More than Twelve Months - Number of Securities | 4 | ' |
Fair Value | 34,820,248 | ' |
Unrealized Loss | 1,629,064 | ' |
Number of Securities | 157 | ' |
US Government Agencies Debt Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Securities in an Unrealized Loss Position [Line Items] | ' | ' |
Less than Twelve Months - Fair Value | 1,144,718 | 594,232 |
Less than Twelve Months - Unrealized Loss | 285,282 | 5,769 |
Less than Twelve Months - Number of Securities | 3 | 1 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Securities in an Unrealized Loss Position [Line Items] | ' | ' |
Less than Twelve Months - Fair Value | 97,934 | 104,243 |
Less than Twelve Months - Unrealized Loss | 9,698 | 4,539 |
Less than Twelve Months - Number of Securities | 1 | 1 |
Corporate Debt Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Securities in an Unrealized Loss Position [Line Items] | ' | ' |
Less than Twelve Months - Fair Value | 31,495,624 | 5,772,021 |
Less than Twelve Months - Unrealized Loss | 1,225,816 | 83,812 |
Less than Twelve Months - Number of Securities | 141 | 28 |
More than Twelve Months - Fair Value | 531,683 | ' |
More than Twelve Months - Unrealized Loss | 36,697 | ' |
More than Twelve Months - Number of Securities | 4 | ' |
Foreign Government Debt Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Securities in an Unrealized Loss Position [Line Items] | ' | ' |
Less than Twelve Months - Fair Value | 1,364,449 | 916,406 |
Less than Twelve Months - Unrealized Loss | 38,966 | 39,491 |
Less than Twelve Months - Number of Securities | 5 | 5 |
Debt Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Securities in an Unrealized Loss Position [Line Items] | ' | ' |
Fair Value | 34,634,408 | 7,386,902 |
Unrealized Loss | 1,596,459 | 133,611 |
Number of Securities | 154 | 35 |
Preferred Stock [Member] | ' | ' |
Note 2 - Investments (Details) - Securities in an Unrealized Loss Position [Line Items] | ' | ' |
Less than Twelve Months - Fair Value | 185,840 | ' |
Less than Twelve Months - Unrealized Loss | 32,605 | ' |
Less than Twelve Months - Number of Securities | 3 | ' |
Equity Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Securities in an Unrealized Loss Position [Line Items] | ' | ' |
Less than Twelve Months - Fair Value | 185,840 | ' |
Less than Twelve Months - Unrealized Loss | $32,605 | ' |
Less than Twelve Months - Number of Securities | 3 | ' |
Note_2_Investments_Details_Net
Note 2 - Investments (Details) - Net Unrealized Gains Included in Accumulated Other Comprehensive Income (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Net Unrealized Gains Included in Accumulated Other Comprehensive Income [Abstract] | ' | ' |
Unrealized appreciation on available-for-sale securities | $2,360,624 | $7,264,140 |
Adjustment to deferred acquisition costs | -12,927 | -38,299 |
Deferred income taxes | -469,540 | -1,445,171 |
Net unrealized appreciation on available-for-sale securities | $1,878,157 | $5,780,670 |
Note_2_Investments_Details_Fix
Note 2 - Investments (Details) - Fixed Maturity Available-for-sale Securities by Contractual Maturities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Note 2 - Investments (Details) - Fixed Maturity Available-for-sale Securities by Contractual Maturities [Line Items] | ' | ' |
$98,218,823 | $91,543,308 | |
100,429,711 | 98,659,797 | |
Fixed Maturities [Member] | ' | ' |
Note 2 - Investments (Details) - Fixed Maturity Available-for-sale Securities by Contractual Maturities [Line Items] | ' | ' |
Due in one year or less | 6,928,621 | ' |
Due in one year or less | 7,105,701 | ' |
Due in one year through five years | 33,186,100 | ' |
Due in one year through five years | 35,036,112 | ' |
Due after five years through ten years | 46,779,589 | ' |
Due after five years through ten years | 47,441,338 | ' |
Due after ten years | 11,238,491 | ' |
Due after ten years | 10,697,950 | ' |
Due at multiple maturity dates | 86,022 | ' |
Due at multiple maturity dates | 148,610 | ' |
98,218,823 | ' | |
$100,429,711 | ' |
Note_2_Investments_Details_Fix1
Note 2 - Investments (Details) - Fixed Maturity Available-for-sale Securities - Proceeds and Gross Realized Gains (Losses) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 2 - Investments (Details) - Fixed Maturity Available-for-sale Securities - Proceeds and Gross Realized Gains (Losses) [Line Items] | ' | ' |
Other income | $14,959 | $13,961 |
Available-for-sale Fixed Maturity Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Fixed Maturity Available-for-sale Securities - Proceeds and Gross Realized Gains (Losses) [Line Items] | ' | ' |
Proceeds | 10,805,866 | 9,511,967 |
Gross realized gains | 925,571 | 240,255 |
Gross realized losses | -10,562 | -11,935 |
Available-for-sale Equity Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Fixed Maturity Available-for-sale Securities - Proceeds and Gross Realized Gains (Losses) [Line Items] | ' | ' |
Proceeds | 97,975 | 1,114,426 |
Gross realized gains | 3 | 442,737 |
Gross realized losses | -46,957 | ' |
Available-for-sale Mortgage Loans on Real Estate [Member] | ' | ' |
Note 2 - Investments (Details) - Fixed Maturity Available-for-sale Securities - Proceeds and Gross Realized Gains (Losses) [Line Items] | ' | ' |
Proceeds | 2,323,743 | ' |
Gross realized gains | 264,396 | ' |
Investment Real Estate [Member] | ' | ' |
Note 2 - Investments (Details) - Fixed Maturity Available-for-sale Securities - Proceeds and Gross Realized Gains (Losses) [Line Items] | ' | ' |
Proceeds | 180,000 | 512,500 |
Gross realized gains | ' | 75,832 |
Other income | $3,047 | ' |
Note_2_Investments_Details_Fix2
Note 2 - Investments (Details) - Fixed Maturity and Equity Available-for-sale Securities - Accumulated Change in Net Unrealized Investment Gains (Losses) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities - change in unrealized gains | ($4,905,601) | $4,193,385 |
Available-for-sale securities - realized gains | 915,009 | 228,320 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities - change in unrealized gains | 2,085 | -301 |
Available-for-sale securities - realized gains | -46,954 | 442,737 |
Mortgage Loans on Real Estate [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities - realized gains | 264,396 | ' |
Investment Real Estate [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities - realized gains | ' | $75,832 |
Note_2_Investments_Details_Mor
Note 2 - Investments (Details) - Mortgage Loans by Property Type (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | $2,114,388 | $2,267,560 |
Percentage | 11.06% | 21.73% |
Residential mortgage loans (in Dollars) | 17,010,481 | 8,168,216 |
Residential mortgage loans | 88.94% | 78.27% |
Total mortgage loans (in Dollars) | 19,124,869 | 10,435,776 |
Total mortgage loans | 100.00% | 100.00% |
Retail Site [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | 1,901,937 | 2,043,825 |
Percentage | 9.95% | 19.59% |
Office Building [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | $212,451 | $223,735 |
Percentage | 1.11% | 2.14% |
Note_2_Investments_Details_Mor1
Note 2 - Investments (Details) - Mortgage Loans, by States (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | $19,124,869 | $10,435,776 |
Percentage | 100.00% | 100.00% |
Georgia [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | 3,947,488 | 1,960,384 |
Percentage | 20.64% | 18.79% |
Texas [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | 3,619,103 | 1,076,014 |
Percentage | 18.92% | 10.31% |
California [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | 2,140,098 | 995,025 |
Percentage | 11.19% | 9.53% |
Missouri [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | 1,819,599 | 1,381,279 |
Percentage | 9.51% | 13.24% |
Colorado [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | 1,312,331 | 1,089,059 |
Percentage | 6.86% | 10.44% |
Florida [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | 1,241,883 | 940,363 |
Percentage | 6.49% | 9.01% |
New York [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | 714,142 | 739,884 |
Percentage | 3.73% | 7.09% |
Washington [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | 482,120 | ' |
Percentage | 2.52% | 0.00% |
Michigan [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | 448,244 | 311,173 |
Percentage | 2.34% | 2.98% |
Arizona [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | 324,720 | 337,179 |
Percentage | 1.70% | 3.23% |
North Carolina [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | 305,712 | ' |
Percentage | 1.60% | 0.00% |
Utah [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | 285,120 | 295,556 |
Percentage | 1.49% | 2.83% |
Louisiana [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | 268,095 | 181,357 |
Percentage | 1.40% | 1.74% |
Connecticut [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | 254,288 | ' |
Percentage | 1.33% | 0.00% |
Pennsylvania [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | 253,326 | 268,040 |
Percentage | 1.32% | 2.57% |
Indiana [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | 249,120 | ' |
Percentage | 1.30% | 0.00% |
Tennessee [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | 219,758 | ' |
Percentage | 1.15% | 0.00% |
Kentucky [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | 216,690 | 109,748 |
Percentage | 1.13% | 1.05% |
Massachusetts [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | ' | 206,665 |
Percentage | 0.00% | 1.98% |
All Other States [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Amount (in Dollars) | $1,023,032 | $544,050 |
Percentage | 5.38% | 5.21% |
Note_2_Investments_Details_Inv
Note 2 - Investments (Details) - Investment Real Estate (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate Properties [Line Items] | ' | ' |
Investment real estate, net of accumulated depreciation | $6,531,971 | $2,858,765 |
Less - accumulated depreciation | -609,980 | -448,832 |
Land [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Investment real estate | 1,453,135 | 895,968 |
Building [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Investment real estate | 5,688,816 | 2,411,629 |
Building, Net of Amortization [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Investment real estate | $5,078,836 | $1,962,797 |
Note_2_Investments_Details_Lot
Note 2 - Investments (Details) - Lottery Prize Cash Flows, by Contractual Maturity (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Note 2 - Investments (Details) - Lottery Prize Cash Flows, by Contractual Maturity [Line Items] | ' | ' |
$98,218,823 | $91,543,308 | |
100,429,711 | 98,659,797 | |
Lottery Prize Cash Flows [Member] | ' | ' |
Note 2 - Investments (Details) - Lottery Prize Cash Flows, by Contractual Maturity [Line Items] | ' | ' |
Due in one year or less | 3,671,560 | ' |
Due in one year or less | 3,713,886 | ' |
Due in one year through five years | 9,713,960 | ' |
Due in one year through five years | 10,439,713 | ' |
Due in five years through ten years | 5,891,077 | ' |
Due in five years through ten years | 7,098,060 | ' |
Due after ten years | 2,487,051 | ' |
Due after ten years | 3,477,051 | ' |
21,763,648 | ' | |
$24,728,710 | ' |
Note_2_Investments_Details_Lot1
Note 2 - Investments (Details) - Lottery Prize Cash Flows, by State Lottery (Lottery Prize Cash Flows [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Amount (in Dollars) | $21,763,648 | $19,560,794 |
Percentage | 100.00% | 100.00% |
New York [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Amount (in Dollars) | 10,765,595 | 9,001,771 |
Percentage | 49.46% | 46.01% |
Massachusetts [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Amount (in Dollars) | 3,856,116 | 3,568,563 |
Percentage | 17.72% | 18.24% |
Texas [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Amount (in Dollars) | 1,330,004 | 1,302,576 |
Percentage | 6.11% | 6.66% |
Georgia [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Amount (in Dollars) | 995,151 | 1,066,346 |
Percentage | 4.57% | 5.45% |
California [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Amount (in Dollars) | 896,920 | 952,335 |
Percentage | 4.12% | 4.87% |
Connecticut [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Amount (in Dollars) | 615,310 | 648,779 |
Percentage | 2.83% | 3.32% |
Illinois [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Amount (in Dollars) | 601,146 | 571,755 |
Percentage | 2.76% | 2.92% |
Pennsylvania [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Amount (in Dollars) | 441,042 | 507,649 |
Percentage | 2.03% | 2.60% |
Michigan [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Amount (in Dollars) | 343,241 | 353,487 |
Percentage | 1.58% | 1.81% |
Virginia [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Amount (in Dollars) | 339,605 | 492,241 |
Percentage | 1.56% | 2.52% |
Ohio [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Amount (in Dollars) | 332,943 | 365,412 |
Percentage | 1.53% | 1.87% |
Maine [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Amount (in Dollars) | 327,705 | ' |
Percentage | 1.51% | 0.00% |
Washington [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Amount (in Dollars) | 321,954 | ' |
Percentage | 1.48% | 0.00% |
Florida [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Amount (in Dollars) | 213,941 | 250,085 |
Percentage | 0.98% | 1.28% |
Arizona [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Amount (in Dollars) | 145,297 | 132,254 |
Percentage | 0.67% | 0.68% |
Indiana [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Amount (in Dollars) | 137,698 | 227,634 |
Percentage | 0.63% | 1.16% |
Kentucky [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Amount (in Dollars) | $99,980 | $119,907 |
Percentage | 0.46% | 0.61% |
Note_2_Investments_Details_Maj
Note 2 - Investments (Details) - Major Categories of Net Investment Income (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Net Investment Income [Line Items] | ' | ' |
Gross investment income | $7,818,323 | $6,469,213 |
Investment expenses | -791,317 | -548,935 |
Net investment income | 7,027,006 | 5,920,278 |
Fixed Maturities [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Gross investment income | 4,426,063 | 4,194,409 |
Equity Securities [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Gross investment income | 35,413 | 49,235 |
Other Long-term Investments [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Gross investment income | 1,635,788 | 1,188,323 |
Mortgage Loans on Real Estate [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Gross investment income | 1,150,498 | 544,567 |
Policy Loans [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Gross investment income | 100,512 | 100,120 |
Real Estate Investment [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Gross investment income | 375,290 | 370,620 |
Short-term Investments [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Gross investment income | $94,759 | $21,939 |
Note_3_Fair_Value_Measurements2
Note 3 - Fair Value Measurements (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value Disclosures [Abstract] | ' | ' |
Fair Value Hierarchy, Number of Input Levels | 3 | ' |
Number of Private Placement Common Stocks | 2 | ' |
Number of Investments, Private Placements | 1 | 1 |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Impaired (in Dollars) | $42,500 | ' |
Unearned Interest (in Dollars) | ' | 1,389 |
Loans and Leases Receivable, Allowance (in Dollars) | $206,858 | $228,999 |
Note_3_Fair_Value_Measurements3
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | $101,147,144 | $99,503,294 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 3,055,621 | 2,827,933 |
US Treasury and Government [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 3,055,621 | 2,827,933 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 200,398 | 262,285 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 200,398 | 262,285 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 148,610 | 175,119 |
Residential Mortgage Backed Securities [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 148,610 | 175,119 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 91,753,636 | 90,820,792 |
Corporate Debt Securities [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 91,753,636 | 90,820,792 |
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 5,271,446 | 4,573,668 |
Foreign Government Debt Securities [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 5,271,446 | 4,573,668 |
Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 100,429,711 | 98,659,797 |
Debt Securities [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 100,429,711 | 98,659,797 |
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 84,567 | 203,242 |
Mutual Funds [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 84,567 | 203,242 |
Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 81,540 | ' |
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 255,512 | 372,320 |
Preferred Stock [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 337,052 | 372,320 |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 277,814 | 215,435 |
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 18,000 | 52,500 |
Common Stock [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 295,814 | 267,935 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 359,354 | 215,435 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 340,079 | 575,562 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 18,000 | 52,500 |
Equity Securities [Member] | ' | ' |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | $717,433 | $843,497 |
Note_3_Fair_Value_Measurements4
Note 3 - Fair Value Measurements (Details) - Change in Fair Value of Level 3 Equity Securities (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Change in Fair Value of Level 3 Equity Securities [Abstract] | ' | ' |
Beginning balance | $52,500 | $77,500 |
Purchases | 8,000 | 10,000 |
Sales | ' | -35,000 |
Impairment | -42,500 | ' |
Ending balance | $18,000 | $52,500 |
Note_3_Fair_Value_Measurements5
Note 3 - Fair Value Measurements (Details) - Estimated Fair Values of Financial Instruments (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Mortgage loans on real estate | $19,124,869 | $10,435,776 | ' |
Policy loans | 1,488,646 | 1,488,035 | ' |
Other long-term investments | 21,763,648 | 19,560,794 | ' |
Other long-term investments | 24,728,710 | 23,168,994 | ' |
Cash and cash equivalents | 10,608,438 | 10,947,474 | 27,705,711 |
Cash and cash equivalents | 10,608,438 | 10,947,474 | ' |
Accrued investment income | 1,558,153 | 1,417,218 | ' |
Loans from premium financing | 133,386 | 261,072 | ' |
Total financial assets | 54,677,140 | 44,110,369 | ' |
Total financial assets | 58,445,365 | 47,790,494 | ' |
Policyholders' account balances | 113,750,681 | 95,043,370 | ' |
Policyholders' account balances | 96,709,910 | 91,013,971 | ' |
Policy claims | 611,417 | 717,521 | ' |
Total financial liabilities | 114,362,098 | 95,760,891 | ' |
Total financial liabilities | 96,006,789 | 91,731,492 | ' |
Commercial [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Mortgage loans on real estate | 2,169,618 | 2,330,004 | ' |
Commercial [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Mortgage loans on real estate | 2,114,388 | 2,267,560 | ' |
Mortgage loans on real estate | 2,169,618 | 2,330,004 | ' |
Residential [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Mortgage loans on real estate | 17,758,414 | 8,177,697 | ' |
Residential [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Mortgage loans on real estate | 17,010,481 | 8,168,216 | ' |
Mortgage loans on real estate | 17,758,414 | 8,177,697 | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cash and cash equivalents | 10,608,438 | 10,947,474 | ' |
Total financial assets | 10,608,438 | 10,947,474 | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Policy loans | 1,488,646 | 1,488,035 | ' |
Other long-term investments | 24,728,710 | 23,168,994 | ' |
Accrued investment income | 1,558,153 | 1,417,218 | ' |
Loans from premium financing | 133,386 | 261,072 | ' |
Total financial assets | 47,836,927 | 36,843,020 | ' |
Policyholders' account balances | 95,395,372 | 91,013,971 | ' |
Policy claims | 611,417 | 717,521 | ' |
Total financial liabilities | $96,006,789 | $91,731,492 | ' |
Note_4_Special_Deposits_Detail
Note 4 - Special Deposits (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure Text Block Supplement [Abstract] | ' | ' |
Deposit Assets | $3,220,853 | $3,981,060 |
Other Assets, Fair Value Disclosure | $3,097,372 | $4,219,334 |
Note_5_Loans_from_Premium_Fina2
Note 5 - Loans from Premium Financing (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
Premiums Receivable Disclosure [Abstract] | ' | ' | ' | ' |
Premiums Receivable, Percent of Premium | ' | ' | 80.00% | ' |
Premiums Receivable, Down Payment, Percent of Premium | ' | ' | 20.00% | ' |
Premiums Receivable, Delinquent Premium, Term | ' | ' | '25 days | ' |
Unearned Interest | ' | $1,389 | ' | ' |
Financing Receivable, Allowance for Credit Losses | $206,858 | $228,999 | ' | $229,004 |
Note_5_Loans_from_Premium_Fina3
Note 5 - Loans from Premium Financing (Details) - Allowance for Loss on Premium Financing (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Allowance for Loss on Premium Financing [Abstract] | ' | ' |
Allowance at beginning of period | $228,999 | $229,004 |
Decreases credited to operations | -22,141 | -5 |
Allowance at end of period | $206,858 | $228,999 |
Note_6_Deferred_Policy_Acquisi2
Note 6 - Deferred Policy Acquisition Costs (Details) - Deferred Acquisition Costs (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Deferred Acquisition Costs [Abstract] | ' | ' | ' |
Balance, beginning of year | $7,028,820 | $5,251,999 | $8,172,627 |
Capitalization of commissions, sales and issue expenses | 1,950,072 | 2,302,070 | ' |
Amortization | -831,637 | -512,546 | ' |
Deferred acquisition costs allocated to investments | 25,372 | -12,703 | ' |
Balance, end of year | $8,172,627 | $7,028,820 | ' |
Note_7_Federal_Income_Taxes_De
Note 7 - Federal Income Taxes (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 7 - Federal Income Taxes (Details) [Line Items] | ' | ' |
Filing Group Membership, Term | '5 years | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% |
TLIC [Member] | ' | ' |
Note 7 - Federal Income Taxes (Details) [Line Items] | ' | ' |
Operating Loss Carryforwards | 1,232,000 | ' |
FTFC [Member] | ' | ' |
Note 7 - Federal Income Taxes (Details) [Line Items] | ' | ' |
Operating Loss Carryforwards | 5,990,000 | ' |
Capital Loss Carryfowards | 42,500 | ' |
FLAC [Member] | ' | ' |
Note 7 - Federal Income Taxes (Details) [Line Items] | ' | ' |
Operating Loss Carryforwards | 521,000 | ' |
Note_7_Federal_Income_Taxes_De1
Note 7 - Federal Income Taxes (Details) - Income Tax Expense (Benefit) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Expense (Benefit) [Abstract] | ' | ' |
Current tax expense | $100,820 | $273,054 |
Deferred tax expense (benefit) | 217,932 | -417,122 |
Total income tax expense (benefit) | $318,752 | ($144,068) |
Note_7_Federal_Income_Taxes_De2
Note 7 - Federal Income Taxes (Details) - Reconciliation of Federal Income Tax Expense (Benefit) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Reconciliation of Federal Income Tax Expense (Benefit) [Abstract] | ' | ' |
Expected tax expense | $422,826 | $335,235 |
Small life insurance company deduction | -869,387 | -330,860 |
Increase in valuation allowance | 199,450 | 203,219 |
Adjustment of prior years' taxes | -273,053 | ' |
Net operating loss carryforward adjustment prior years | 409,978 | ' |
Alternative Minimum Tax carryforward adjustment prior years | 246,246 | -91,478 |
Capital loss carryforward adjustment prior years | 240,482 | ' |
Difference in book versus tax basis of available-for-sale fixed maturity securities | ' | -199,626 |
Other | -57,790 | -60,558 |
Total income tax expense (benefit) | $318,752 | ($144,068) |
Note_7_Federal_Income_Taxes_De3
Note 7 - Federal Income Taxes (Details) - Deferred Taxes (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Taxes [Abstract] | ' | ' |
Net unrealized investment gains | $469,540 | $1,445,171 |
Available-for-sale fixed maturity securities | 677,135 | 809,542 |
Deferred policy acquisition costs | 1,218,058 | 1,027,500 |
Reinsurance recoverable | 237,596 | 236,482 |
Investment real estate | 34,165 | 33,780 |
Other long-term investments | 12,230 | 16,305 |
Value of insurance business acquired | 1,417,358 | 1,501,779 |
Property and equipment | 427 | 409 |
Due premiums | 17,400 | 19,183 |
Accrued liabilities | ' | 117,448 |
Accrued investment income | 141 | ' |
Mortgage loans | 41,360 | 32,513 |
Other | 156 | 13 |
Total deferred tax liabilities | 4,125,566 | 5,240,125 |
Policyholders' account balances and future policy benefits | 1,065,020 | 827,794 |
Policy claims | 25,356 | 28,485 |
Accrued investment income | ' | 4,603 |
Accrued liabilities | 5,464 | ' |
Available-for-sale equity securities | 70,191 | 51,906 |
Alternative minimum tax carryforward | 166,467 | 236,328 |
Net operating loss carryforward | 2,283,073 | 2,511,188 |
Net capital loss carryforward | 14,450 | 127,675 |
Other | 2,915 | 2,367 |
Total deferred tax assets | 3,632,936 | 3,790,346 |
Valuation allowance | -2,051,195 | -1,851,745 |
Net deferred tax assets | 1,581,741 | 1,938,601 |
Net deferred tax liabilities | $2,543,825 | $3,301,524 |
Note_8_Reinsurance_Details
Note 8 - Reinsurance (Details) (USD $) | Dec. 31, 2013 |
Note 8 - Reinsurance (Details) [Line Items] | ' |
Reinsurance, Life Insurance, Maximum Exposure | $50,000 |
Percent Ceded | 50.00% |
TLIC [Member] | ' |
Note 8 - Reinsurance (Details) [Line Items] | ' |
Reinsurance, Life Insurance, Insured Amount | 55,000 |
FLAC [Member] | ' |
Note 8 - Reinsurance (Details) [Line Items] | ' |
Reinsurance, Life Insurance, Insured Amount | $50,000 |
Note_8_Reinsurance_Details_Rei
Note 8 - Reinsurance (Details) - Reinsurance Assumed and Ceded (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Reinsurance Assumed and Ceded [Abstract] | ' | ' |
Premiums assumed | $234,902 | $371,518 |
Commissions and expense allowances | 76 | -16 |
Benefits assumed | 114,017 | 489,344 |
Reserve credits assumed | 55,070 | 53,397 |
In force amount assumed | 21,456,751 | 414,183,269 |
Premiums ceded | 426,959 | 470,187 |
Commissions and expense allowances | 19,275 | 21,125 |
Benefits ceded | 476,979 | 216,895 |
Reserve credits ceded | 988,116 | 958,570 |
In force amount ceded | $63,109,819 | $71,962,540 |
Note_9_Property_and_Equipment_1
Note 9 - Property and Equipment (Details) - Property and Equipment, Net (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Property and Equipment, Net [Abstract] | ' | ' |
Total property and equipment | $326,258 | $272,263 |
Less - accumulated depreciation | -195,971 | -147,705 |
Property and equipment net of accumulated depreciation | $130,287 | $124,558 |
Note_10_Leases_Details
Note 10 - Leases (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
sqft | ||
Note 10 - Leases (Details) [Line Items] | ' | ' |
Operating Leases, Leasehold Improvement Allowance | ' | $120,000 |
Operating Leases, Leasehold Improvement Allowance, Amortization | ' | 25,263 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 632,052 | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 382,506 | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 509,840 | ' |
Payments to Acquire Real Estate | 4,011,307 | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | 249,358 | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | 64,032 | ' |
TLIC [Member] | Topeka Kansas [Member] | Initial [Member] | ' | ' |
Note 10 - Leases (Details) [Line Items] | ' | ' |
Area of Real Estate Property (in Square Feet) | 7,500 | ' |
Operating Leases, Rental Payments | 3,100 | ' |
Operating Leases, Lease Term | '5 years | ' |
Area of Real Estate Property (in Acres) | 7,500 | ' |
TLIC [Member] | Topeka Kansas [Member] | Additional [Member] | ' | ' |
Note 10 - Leases (Details) [Line Items] | ' | ' |
Area of Real Estate Property (in Square Feet) | 10,000 | ' |
Operating Leases, Rental Payments | 17,535 | ' |
Operating Leases, Lease Term | '5 years | ' |
Operating Leases, Notice to Terminate, Term | '90 days | ' |
Area of Real Estate Property (in Acres) | 10,000 | ' |
TLIC [Member] | Topeka Kansas [Member] | Additional 2 [Member] | ' | ' |
Note 10 - Leases (Details) [Line Items] | ' | ' |
Area of Real Estate Property (in Square Feet) | 2,500 | ' |
Operating Leases, Lease Term | '180 days | ' |
Area of Real Estate Property (in Acres) | 2,500 | ' |
TLIC [Member] | Topeka Kansas [Member] | ' | ' |
Note 10 - Leases (Details) [Line Items] | ' | ' |
Operating Leases, Rental Payments | 4,332 | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 9,130 | ' |
Operating Leases, Lease Term | '5 years | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 9,371 | ' |
Operating Leases, Notice to Terminate, Term | '90 days | ' |
Area of Real Estate Property, Percent | 1.00% | ' |
TLIC [Member] | Greensburg, Indiana [Member] | Monthly Lease Payments - 2014 [Member] | ' | ' |
Note 10 - Leases (Details) [Line Items] | ' | ' |
Operating Leases, Rent Expense | 14,661 | ' |
TLIC [Member] | Greensburg, Indiana [Member] | Monthly Lease Payments - 2015 [Member] | ' | ' |
Note 10 - Leases (Details) [Line Items] | ' | ' |
Operating Leases, Rent Expense | 14,881 | ' |
TLIC [Member] | Greensburg, Indiana [Member] | Monthly Lease Payments - 2016 [Member] | ' | ' |
Note 10 - Leases (Details) [Line Items] | ' | ' |
Operating Leases, Rent Expense | 15,104 | ' |
TLIC [Member] | Greensburg, Indiana [Member] | Monthl Lease Payments - 2017 [Member] | ' | ' |
Note 10 - Leases (Details) [Line Items] | ' | ' |
Operating Leases, Rent Expense | 15,331 | ' |
TLIC [Member] | Greensburg, Indiana [Member] | ' | ' |
Note 10 - Leases (Details) [Line Items] | ' | ' |
Area of Real Estate Property (in Square Feet) | 1 | ' |
Area of Real Estate Property (in Acres) | 1 | ' |
Area of Real Estate Property, Percent | 8.00% | ' |
Payments to Acquire Real Estate | 2,393,687 | ' |
TLIC [Member] | Norman, Oklahoma [Member] | Monthly Lease Payments Through 2018 [Member] | ' | ' |
Note 10 - Leases (Details) [Line Items] | ' | ' |
Operating Leases, Rent Expense | 8,004 | ' |
TLIC [Member] | Norman, Oklahoma [Member] | ' | ' |
Note 10 - Leases (Details) [Line Items] | ' | ' |
Area of Real Estate Property (in Square Feet) | 1 | ' |
Area of Real Estate Property (in Acres) | 1 | ' |
Area of Real Estate Property, Percent | 18.00% | ' |
Payments to Acquire Real Estate | 1,481,500 | ' |
Greensburg, Indiana [Member] | ' | ' |
Note 10 - Leases (Details) [Line Items] | ' | ' |
Area of Real Estate Property, Percent | 8.00% | ' |
Norman, Oklahoma [Member] | ' | ' |
Note 10 - Leases (Details) [Line Items] | ' | ' |
Area of Real Estate Property (in Square Feet) | 9,100 | ' |
Area of Real Estate Property (in Acres) | 9,100 | ' |
Area of Real Estate Property, Percent | 18.00% | ' |
Initial [Member] | FLAC [Member] | ' | ' |
Note 10 - Leases (Details) [Line Items] | ' | ' |
Area of Real Estate Property (in Square Feet) | ' | 2,200 |
Operating Leases, Rental Payments | ' | 1,250 |
Operating Leases, Lease Term | ' | '1 year |
Area of Real Estate Property (in Acres) | ' | 2,200 |
Initial [Member] | ' | ' |
Note 10 - Leases (Details) [Line Items] | ' | ' |
Area of Real Estate Property (in Square Feet) | 6,769 | ' |
Lease Term | '5 years | ' |
Operating Leases, Rental Payments | 7,897 | ' |
Operating Leases, Rent Expense | 76,192 | 76,136 |
Operating Leases, Leasehold Improvement Allowance | 120,000 | ' |
Operating Leases, Leasehold Improvement Allowance, Amortization | 25,263 | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 94,764 | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 71,073 | ' |
Area of Real Estate Property (in Acres) | 6,769 | ' |
Additional [Member] | FLAC [Member] | ' | ' |
Note 10 - Leases (Details) [Line Items] | ' | ' |
Area of Real Estate Property (in Square Feet) | ' | 2,200 |
Operating Leases, Rental Payments | ' | 12,152 |
Area of Real Estate Property (in Acres) | ' | 2,200 |
FLAC [Member] | ' | ' |
Note 10 - Leases (Details) [Line Items] | ' | ' |
Area of Real Estate Property (in Square Feet) | ' | 6,100 |
Operating Leases, Rental Payments | ' | $15,000 |
Operating Leases, Lease Term | ' | '1 year |
Area of Real Estate Property (in Acres) | ' | 6,100 |
Area of Land (in Acres) | ' | 1 |
Number of Real Estate Properties | ' | 2 |
Note_11_Shareholders_Equity_an1
Note 11 - Shareholders' Equity and Statutory Accounting Practices (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
TLIC [Member] | ' | ' |
Note 11 - Shareholders' Equity and Statutory Accounting Practices (Details) [Line Items] | ' | ' |
Statutory Accounting Practices, Statutory Net Income Amount | $1,319,748 | $1,327,798 |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 7,484,026 | 5,277,775 |
Maximum Dividend Term | '12 months | ' |
Maximum Dividend Percent | 10.00% | ' |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments | 1,283,361 | ' |
In Excess [Member] | Family Benefit Life Insurance Company [Member] | ' | ' |
Note 11 - Shareholders' Equity and Statutory Accounting Practices (Details) [Line Items] | ' | ' |
Payments of Dividends | 850,000 | ' |
Limitation [Member] | Family Benefit Life Insurance Company [Member] | ' | ' |
Note 11 - Shareholders' Equity and Statutory Accounting Practices (Details) [Line Items] | ' | ' |
Payments of Dividends | ' | 1,515,975 |
Family Benefit Life Insurance Company [Member] | ' | ' |
Note 11 - Shareholders' Equity and Statutory Accounting Practices (Details) [Line Items] | ' | ' |
Statutory Accounting Practices, Statutory Net Income Amount | 1,109,125 | 1,107,135 |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 11,473,143 | 10,479,574 |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments | $976,941 | ' |
Note_12_Segment_Data_Details_S
Note 12 - Segment Data (Details) - Segment Data - Operations (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | $16,148,233 | $14,808,520 |
Income (loss) before income taxes | 1,208,075 | 957,813 |
Depreciation and amortization expense | 1,499,667 | 1,131,486 |
Life and Annuity Insurance Operations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 15,879,190 | 14,275,397 |
Income (loss) before income taxes | 1,881,079 | 1,332,546 |
Depreciation and amortization expense | 1,476,757 | 1,112,688 |
Premium Finance Operations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 44,145 | 102,734 |
Income (loss) before income taxes | -328,605 | -224,951 |
Depreciation and amortization expense | 3,723 | 3,692 |
Corporate Operations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 224,898 | 430,389 |
Income (loss) before income taxes | -344,399 | -149,782 |
Depreciation and amortization expense | $19,187 | $15,106 |
Note_12_Segment_Data_Details_S1
Note 12 - Segment Data (Details) - Segment Data - Assets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $183,173,159 | $165,450,317 |
Life and Annuity Insurance Operations [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 176,655,399 | 158,151,031 |
Premium Finance Operations [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 449,649 | 979,390 |
Corporate Operations [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $6,068,111 | $6,319,896 |
Note_13_Concentrations_of_Cred1
Note 13 - Concentrations of Credit Risk (Details) (USD $) | Dec. 31, 2013 |
Risks and Uncertainties [Abstract] | ' |
Cash, FDIC Insured Amount | $250,000 |
Cash, Uninsured Amount | $2,576,504 |
Note_14_Contingent_Liabilities1
Note 14 - Contingent Liabilities (Details) | Dec. 31, 2013 |
Loss Contingency [Abstract] | ' |
Guaranty Fund Assessments, Period Taken | 5 |
Note_15_Related_Party_Transact1
Note 15 - Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Former Member's Donated Shares [Member] | Former Members of the Board of Directors [Member] | ||
Note 15 - Related Party Transactions (Details) [Line Items] | ' | ' | ' |
Stock Repurchased During Period, Shares | 12,896 | 10,250 | 185,313 |
Stock Repurchased During Period, Value (in Dollars) | $45,136 | ' | $648,595 |
Note_16_Other_Comprehensive_In2
Note 16 - Other Comprehensive Income and Accumulated Other Comprehensive Income (Details) - Accumulated Other Comprehensive Income (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance | $5,780,670 | $2,696,224 |
Other comprehensive income (loss) before reclassifications, net of tax | -2,996,553 | 3,636,924 |
Less amounts reclassified from accumulated other comprehensive income (loss), net of tax | -905,960 | -552,478 |
Other comprehensive income (loss) | -3,902,513 | 3,084,446 |
Balance | 1,878,157 | 5,780,670 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance | 5,811,309 | 2,718,885 |
Other comprehensive income (loss) before reclassifications, net of tax | -3,016,851 | 3,644,902 |
Less amounts reclassified from accumulated other comprehensive income (loss), net of tax | -905,960 | -552,478 |
Other comprehensive income (loss) | -3,922,811 | 3,092,424 |
Balance | 1,888,498 | 5,811,309 |
Adjustment To Deferred Acquisition Costs [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance | -30,639 | -22,661 |
Other comprehensive income (loss) before reclassifications, net of tax | 20,298 | -7,978 |
Other comprehensive income (loss) | 20,298 | -7,978 |
Balance | ($10,341) | ($30,639) |
Note_16_Other_Comprehensive_In3
Note 16 - Other Comprehensive Income and Accumulated Other Comprehensive Income (Details) - Other Comprehensive Income (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Other Comprehensive Income [Abstract] | ' | ' | ||
Pretax | ($3,771,065) | $4,939,973 | ||
Income Tax Expense (Benefit) | -754,214 | 1,295,071 | ||
Net of Tax | -3,016,851 | 3,644,902 | ||
Pretax | -1,132,451 | [1] | -746,889 | [1] |
Income Tax Expense (Benefit) | -226,491 | [2] | -194,411 | [2] |
Net of Tax | -905,960 | -552,478 | ||
Pretax | -4,903,516 | 4,193,084 | ||
Income Tax Expense (Benefit) | -980,705 | 1,100,660 | ||
Net of Tax | -3,922,811 | 3,092,424 | ||
Pretax | 25,372 | -12,703 | ||
Income Tax Expense (Benefit) | 5,074 | -4,725 | ||
Net of Tax | 20,298 | -7,978 | ||
Pretax | -4,878,144 | 4,180,381 | ||
Income Tax Expense (Benefit) | -975,631 | 1,095,935 | ||
Net of Tax | ($3,902,513) | $3,084,446 | ||
[1] | These items appear within net realized investment gains in the consolidated statement of operations. | |||
[2] | These items appear within federal income taxes in the consolidated statement of operations. |
Note_16_Other_Comprehensive_In4
Note 16 - Other Comprehensive Income and Accumulated Other Comprehensive Income (Details) - Reclassified from Accumulated Other Comprehensive Income (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Reclassified from Accumulated Other Comprehensive Income [Abstract] | ' | ' | ||
Realized gains on sales of securities (a) | $1,132,451 | [1] | $746,889 | [1] |
Income tax expenses (b) | 226,491 | [2] | 194,411 | [2] |
Total reclassification adjustments | $905,960 | $552,478 | ||
[1] | These items appear within net realized investment gains in the consolidated statement of operations. | |||
[2] | These items appear within federal income taxes in the consolidated statement of operations. |