Investors Heritage Capital (IHRC) 10-Q 13 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 13, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Investors Heritage Capital Corp
Trading Symbol	ihrc
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		1,117,886
Amendment Flag	false
Entity Central Index Key	55,362
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	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Securities available-for-sale, at fair value:
Fixed maturities (amortized cost: $396,021,059 and $403,596,261)	$ 414,293,373	$ 430,117,478
Equity securities (cost: $7,361,656 and $6,331,436)	7,340,705	7,405,819
Mortgage loans on real estate	32,663,124	29,459,436
Policy loans	6,784,617	6,665,493
State-guaranteed receivables	7,719,144	7,917,379
Investments in convertible options	663,950
Other invested assets	2,646,099	3,270,848
Total investments	472,111,012	484,836,453
Cash and cash equivalents	8,979,130	1,870,867
Accrued investment income	4,451,587	5,190,740
Due premiums	3,071,348	3,217,136
Deferred acquisition costs	17,371,027	17,847,907
Value of business acquired	246,038	301,037
Leased property under capital leases	471,037	555,251
Property and equipment	928,008	1,000,120
Cash value of company-owned life insurance	13,209,476	12,441,833
Other assets	2,009,642	2,041,050
Amounts recoverable from reinsurers	56,480,489	55,910,993
Total assets	579,328,794	585,213,387
Policy liabilities:
Benefit reserves	493,974,598	490,126,730
Unearned premium reserves	7,879,488	7,812,972
Policy claims	2,681,040	2,821,106
Liability for deposit-type contracts	3,395,175	3,432,793
Reserves for dividends and endowments and other	390,675	391,439
Total policy liabilities	508,320,976	504,585,040
Deferred federal income tax liability	4,382,442	7,785,450
Obligations under capital leases	462,385	553,028
Notes payable	1,809,760	2,508,576
Accrued pension liability	4,704,931	5,141,442
Other liabilities	4,379,000	4,103,365
Total liabilities	524,059,494	524,676,901
STOCKHOLDERS' EQUITY
Common stock (shares issued: 1,117,886 and 1,123,980)	1,117,886	1,123,980
Paid-in surplus	8,913,360	8,908,243
Accumulated other comprehensive income	7,084,144	12,704,319
Retained earnings	38,153,910	37,799,944
Total stockholders' equity	55,269,300	60,536,486
Total liabilities and stockholders' equity	$ 579,328,794	$ 585,213,387

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fixed maturities, amortized cost	$ 396,021,059	$ 403,596,261
Equity securities, cost	$ 7,361,656	$ 6,331,436
Common stock, shares issued (in Shares)	1,117,886	1,123,980

Condensed Consolidated Income S

Condensed Consolidated Income Statements (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
REVENUE
Premiums and other considerations	$ 15,429,289	$ 16,072,480	$ 44,916,211	$ 45,915,118
Premiums ceded	(3,304,682)	(3,681,935)	(9,738,262)	(9,867,051)
Net premiums	12,124,607	12,390,545	35,177,949	36,048,067
Investment income, net of expenses	5,238,037	5,393,294	15,800,897	15,646,900
Net realized gains on investments	600,980	593,272	804,736	662,131
Other income	450,005	327,621	1,195,142	1,202,480
Total revenue	18,413,629	18,704,732	52,978,724	53,559,578
BENEFITS AND EXPENSES
Death and other benefits	10,584,316	10,142,835	33,529,784	31,446,368
Guaranteed annual endowments	93,254	102,357	316,142	326,095
Dividends to policyholders	74,180	81,426	262,741	270,108
Increase in benefit reserves and unearned premiums	2,858,998	3,443,824	6,236,723	7,992,216
Acquisition costs deferred	(1,477,478)	(1,700,281)	(4,498,621)	(5,015,624)
Amortization of deferred acquisition costs	1,683,094	1,857,955	5,232,649	5,426,506
Commissions	980,682	1,110,624	2,885,027	3,556,685
Other general and administrative expenses	2,581,103	2,403,260	8,469,679	8,069,257
Total benefits and expenses	17,378,149	17,442,000	52,434,124	52,071,611
INCOME BEFORE FEDERAL INCOME TAXES	1,035,480	1,262,732	544,600	1,487,967
PROVISION (BENEFIT) FOR FEDERAL INCOME TAXES
Current	209,683	170,271	329,473	274,989
Deferred	(265,256)	231,072	(507,766)	171,401
Total federal income taxes	(55,573)	401,343	(178,293)	446,390
NET INCOME	$ 1,091,053	$ 861,389	$ 722,893	$ 1,041,577
BASIC AND DILUTED NET INCOME PER SHARE (in Dollars per share)	$ 0.98	$ 0.77	$ 0.64	$ 0.92
DIVIDENDS PER SHARE (in Dollars per share)			$ 0.21	$ 0.20

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
NET INCOME		$ 1,091,053	$ 861,389	$ 722,893	$ 1,041,577
Change in net unrealized gains (losses) on available-for-sale securities:
Unrealized holding gains (losses) arising during period		(2,866,815)	(3,670,059)	(8,609,887)	10,975,674
Reclassification adjustment for gains included in income	[1]	(606,509)	(593,272)	(734,350)	(662,131)
Adjustment for effects of deferred acquisition costs		93,198	126,140	257,145	(252,382)
Net unrealized gains (losses) on investments		(3,380,126)	(4,137,191)	(9,087,092)	10,061,161
Change in defined benefit pension plan:
Amortization of actuarial net loss in net periodic pension cost	[2]	190,559	97,604	571,675	292,810
Other comprehensive income (loss) before income taxes		(3,189,567)	(4,039,587)	(8,515,417)	10,353,971
Income tax expense (benefit)		(1,084,454)	(1,373,461)	(2,895,242)	3,520,349
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES		(2,105,113)	(2,666,126)	(5,620,175)	6,833,622
COMPREHENSIVE INCOME (LOSS)		$ (1,014,060)	$ (1,804,737)	$ (4,897,282)	$ 7,875,199
[1]	These items appear within net realized gains on investments in the consolidated income statements.
[2]	These items are included in the computation of net periodic pension cost (see Note 10).

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Beginning balance at Dec. 31, 2013	$ 1,128,583	$ 8,908,243	$ 6,751,991	$ 36,858,451	$ 53,647,268
Ending balance at Sep. 30, 2014	1,124,911	8,908,243	13,585,613	37,595,349	61,214,116
Net income				1,041,577	1,041,577
Other comprehensive income (loss), net			6,833,622		6,833,622
Cash dividends				(225,717)	(225,717)
Repurchases of common stock, net	(3,672)			(78,962)	(82,634)
Beginning balance at Dec. 31, 2014	1,123,980	8,908,243	12,704,319	37,799,944	60,536,486
Ending balance at Sep. 30, 2015	1,117,886	8,913,360	7,084,144	38,153,910	55,269,300
Net income				722,893	722,893
Other comprehensive income (loss), net			$ (5,620,175)		(5,620,175)
Cash dividends				(236,035)	(236,035)
Repurchases of common stock, net	$ (6,094)	$ 5,117		$ (132,892)	$ (133,869)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 6,947,933	$ 11,052,080
INVESTING ACTIVITIES
Purchases of available-for-sale securities	(23,018,969)	(31,220,765)
Sales of available-for-sale securities	6,764,986	13,981,335
Maturities of available-for-sale securities	23,204,172	22,442,467
Acquisitions of mortgage loans on real estate	(10,312,856)	(8,997,660)
Payments of mortgage loans on real estate	7,199,727	2,983,174
Payments of state-guaranteed receivables	611,280	611,280
Purchases of convertible options	(739,809)
Sales and exchanges of convertible options	29,249
Net reductions (additions) of other investments	505,625	(116,497)
Net additions to property and equipment	(247,611)	(299,123)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	3,995,794	(615,789)
FINANCING ACTIVITIES
Policyholder account deposits	3,336,586	3,908,096
Policyholder account withdrawals	(6,103,330)	(6,069,481)
Payments on notes payable	(3,030,476)	(2,602,402)
Proceeds from notes payable	2,331,660	2,235,967
Dividends paid	(236,035)	(225,717)
Repurchases of common stock, net	(133,869)	(82,634)
NET CASH USED IN FINANCING ACTIVITIES	(3,835,464)	(2,836,171)
INCREASE IN CASH AND CASH EQUIVALENTS	7,108,263	7,600,120
Cash and cash equivalents at beginning of period	1,870,867	4,143,291
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 8,979,130	$ 11,743,411

Note 1 - Nature of Operations

Note 1 - Nature of Operations	9 Months Ended
	Sep. 30, 2015
Disclosure Text Block [Abstract]
Nature of Operations [Text Block]	NOTE 1 - Nature of Operations Investors Heritage Capital Corporation is the holding company of Investors Heritage Life Insurance Company; Investors Heritage Printing, Inc., a printing company; Investors Heritage Financial Services Group, Inc., an insurance marketing company; is the sole member of At Need Funding, LLC, a limited liability company that provides advance funding of funerals in exchange for the irrevocable assignment of life insurance policies from other nonaffiliated companies; and is the sole member of Heritage Funding, LLC, a limited liability company that invests in various business ventures. These entities are collectively hereinafter referred to as the “Company”. In excess of 99% of Investors Heritage Capital’s consolidated revenue is generated by Investors Heritage Life. Our principal operations involve the sale and administration of various insurance and annuity products, including, but not limited to, participating and non-participating whole life, limited pay life, universal life, annuity contracts, credit life, credit accident and health and group insurance policies. The principal markets for the Company’s products are in Kentucky, North Carolina, Georgia, Indiana, Michigan, Ohio, Pennsylvania, South Carolina, Tennessee, Texas and Virginia.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Disclosure Text Block [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 2 - Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the quarter and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. For further information, refer to the consolidated financial statements and footnotes thereto for the year ended December 31, 2014, as included in our Annual Report on Form 10-K. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Management has evaluated all events subsequent to September 30, 2015 through the date that these financial statements have been issued.

Note 3 - New Accounting Pronoun

Note 3 - New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE 3 – New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance regarding accounting for revenue recognition that identifies the accounting treatment for an entity’s contracts with customers. Certain contracts, including insurance contracts, are specifically excluded from this guidance. However, certain other types of contracts may impact the financial statements of insurance providers. In August 2015, the FASB deferred the effective date of this guidance for public entities to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently evaluating this guidance, but it is not expected to have a material impact on its consolidated financial statements. In February 2015, the FASB issued guidance regarding the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Under this guidance, previous consolidation conclusions may change and additional disclosures may be required. This guidance is effective for public entities for fiscal years and interim periods within those fiscal years beginning after December 15, 2015. The Company is currently evaluating this guidance, but it is not expected to have a material impact on its consolidated financial statements. In July 2015, the FASB issued guidance regarding employee benefit accounting. The guidance is divided into three parts. First, the guidance requires a pension plan to use contract value as the only required measure for fully benefit-responsive investment contracts. Second, the guidance simplifies and increases the effectiveness of the investment disclosure requirements for employee benefit plans. Third, the guidance provides benefit plans with a measurement date practical expedient. This guidance is effective for fiscal years beginning after December 15, 2015. The Company is currently evaluating this guidance, but it is not expected to have a material impact on its consolidated financial statements. All other new accounting standards and updates of existing standards issued through the date of this filing were considered by management and did not relate to accounting policies and procedures pertinent to the Company at this time or were not expected to have a material impact to the consolidated financial statements.

Note 4 - Investments

Note 4 - Investments	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	NOTE 4 – Investments Investments in available-for-sale securities are summarized as follows: Gross Gross September 30, 2015 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Fixed maturity securities: U.S. government obligations $ 23,726,172 $ 987,727 $ - $ 24,713,899 States and political subdivisions 37,135,156 5,083,117 151,963 42,066,310 Corporate 223,714,895 12,700,391 2,500,952 233,914,334 Foreign 65,514,288 2,359,407 2,737,244 65,136,451 Asset-backed securities 298,636 3,324 - 301,960 Mortgage-backed securities (MBS): Commercial MBS 6,834,983 291,856 - 7,126,839 Residential MBS 38,548,866 2,284,066 17,475 40,815,457 Corporate redeemable preferred stock 248,063 - 29,940 218,123 Total fixed maturity securities 396,021,059 23,709,888 5,437,574 414,293,373 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 - 13,575 304,709 Corporate common stock 6,335,472 500,426 507,802 6,328,096 Total equity securities 7,361,656 500,426 521,377 7,340,705 Total $ 403,382,715 $ 24,210,314 $ 5,958,951 $ 421,634,078 Gross Gross December 31, 2014 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Fixed maturity securities: U.S. government obligations $ 28,063,178 $ 820,997 $ 16,164 $ 28,868,011 States and political subdivisions 38,021,271 5,985,975 - 44,007,246 Corporate 224,299,411 15,669,733 930,632 239,038,512 Foreign 63,792,040 2,934,542 751,369 65,975,213 Asset-backed securities 1,432,996 33,501 - 1,466,497 Mortgage-backed securities (MBS): Commercial MBS 7,869,355 266,831 - 8,136,186 Residential MBS 40,118,010 2,507,809 6 42,625,813 Total fixed maturity securities 403,596,261 28,219,388 1,698,171 430,117,478 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 40,038 - 358,322 Corporate common stock 5,305,252 1,157,718 123,373 6,339,597 Total equity securities 6,331,436 1,197,756 123,373 7,405,819 Total $ 409,927,697 $ 29,417,144 $ 1,821,544 $ 437,523,297 The following table summarizes, for all securities in an unrealized loss position as of the balance sheet 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. September 30, 2015 December 31, 2014 Gross Number Gross Number Estimated Unrealized of Estimated Unrealized of Fair Value Loss Securities Fair Value Loss Securities Fixed Maturities: Less than 12 months: States and political subdivisions $ 1,598,038 $ 151,963 2 $ - $ - - Corporate 38,273,689 2,029,774 38 12,473,068 508,818 7 Foreign 15,333,738 1,196,671 12 10,374,173 310,267 7 Residential MBS 3,420,922 17,475 3 16,862 6 1 Corporate redeemable preferred stock 218,123 29,940 1 - - - Greater than 12 months: U.S. government obligations - - - 7,736,774 16,164 1 Corporate 3,777,741 471,178 3 3,828,887 421,814 3 Foreign 3,606,250 1,540,573 2 4,724,455 441,102 2 Total fixed maturities 66,228,501 5,437,574 61 39,154,219 1,698,171 21 Equities: Less than 12 months: Mutual funds 304,709 13,575 1 - - - Corporate common stock 3,028,571 385,969 21 527,614 103,438 4 Greater than 12 months: Corporate common stock 210,067 121,833 3 525,865 19,935 4 Total equities 3,543,347 521,377 25 1,053,479 123,373 8 Total $ 69,771,848 $ 5,958,951 86 $ 40,207,698 $ 1,821,544 29 As of September 30, 2015, all of the above fixed maturity securities individually had a fair value to cost ratio equal to or greater than 60% and all of the above equity securities individually had a fair value to cost ratio equal to or exceeding 51%. As of December 31, 2014, all of the above fixed maturity securities had a fair value to cost ratio equal to or greater than 86% and the equity securities noted above had a fair value to cost ratio equal to or greater than 78%. 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 in light of all 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 income. Any other-than-temporary impairments on equity securities are recorded in the consolidated statements of income in the periods incurred as the difference between fair value and cost. Based on our review, the Company experienced no other-than-temporary impairments during the quarters or nine months ended September 30, 2015 or 2014. Management believes that the Company will fully recover its cost basis in the securities held at September 30, 2015, 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 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 for investments classified as available-for-sale are presented below, net of the effect on deferred income taxes and deferred acquisition costs assuming that the appreciation (depreciation) had been realized. September 30, December 31, 2015 2014 Net unrealized appreciation on available-for sale securities $ 18,251,363 $ 27,595,600 Adjustment to deferred acquisition costs (454,505 ) (711,650 ) Deferred income taxes (6,050,931 ) (9,140,543 ) Net unrealized appreciation on available-for sale securities $ 11,745,927 $ 17,743,407 The amortized cost and fair value of fixed maturity securities at September 30, 2015, by contractual maturity, are presented below. 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. Available-for-Sale Amortized Fair Cost Value Due in one year or less $ 7,664,802 $ 7,783,345 Due after one year through five years 91,304,690 98,919,866 Due after five years through ten years 179,176,060 181,280,986 Due after ten years 50,575,950 55,722,618 Due at multiple maturity dates 67,051,494 70,368,435 Corporate redeemable preferred stock 248,063 218,123 Total $ 396,021,059 $ 414,293,373 Proceeds for the quarters and nine months ended September 30, 2015 and 2014 from sales and maturities of investments in available-for-sale securities, as well as gross gains and gross losses realized, are presented below. Quarter Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Proceeds from sales and maturities $ 13,603,538 $ 19,194,823 $ 29,969,158 $ 36,423,802 Gross realized gains 606,915 611,566 857,095 785,376 Gross realized losses (406 ) (18,294 ) (122,745 ) (123,245 ) The table below shows the change in net unrealized investment gains (losses) and the amount of realized investment gains (losses) on fixed maturities and equity securities in addition to realized investment gains on mortgage loans for the quarters and nine months ended September 30, 2015 and 2014 . Quarter Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Change in net unrealized investment gains (losses): Securities available-for-sale: Fixed maturities $ (2,751,428 ) $ (4,179,008 ) $ (8,248,903 ) $ 9,722,385 Equity securities (721,896 ) (84,323 ) (1,095,334 ) 591,158 Net realized investment gains (losses): Securities available-for-sale: Fixed maturities $ - $ 593,895 $ 90,859 $ 662,083 Equity securities 606,509 (623 ) 643,491 48 Mortgage loans on real estate - - 75,915 - Investments in convertible options (5,529 ) - (5,529 ) - The Company is required to hold assets on deposit for the benefit of policyholders in accordance with statutory rules and regulations. At September 30, 2015 and December 31, 2014, these required deposits had a total fair value of $23,280 ,207 and $23,951,372, respectively. The Company also engages in commercial and residential mortgage lending. As of September 30, 2015, investments in commercial and residential properties comprised 33.5% and 66.5%, respectively, of the Company’s mortgage portfolio. At December 31, 2014, investments in commercial and residential properties comprised 41.9% and 58.1%, respectively, of the Company’s mortgage portfolio. All commercial mortgage loans are either originated in-house or through two mortgage brokers, are secured by first mortgages on the real estate and generally carry personal guarantees by the borrowers. Loan-to-value ratios of 80% or less and debt service coverage from existing cash flows of 115% or higher are generally required. We minimize credit risk in our mortgage loan portfolio through various methods, including stringently underwriting the loan request, maintaining small average loan balances, and reviewing larger mortgage loans on an annual basis. The Company purchases residential mortgage loans through the secondary market. Each mortgage loan opportunity is reviewed individually, considering both the value of the underlying property and the credit worthiness of the borrower. We are utilizing a third party servicer to administer these loans. As of September 30, 2015 and December 31, 2014, there were no non-performing loans, loans on nonaccrual status, loans 90 days past due or more, loans in process of foreclosure, or restructured loans. The Company experienced no mortgage loan defaults during the quarters or nine months ended September 30, 2015 and 2014. The Company’s investments in mortgage loans, by state, are as follows: September 30, December 31, 2015 2014 Illinois $ 5,900,430 $ 3,392,446 Texas 5,842,343 2,290,700 Florida 4,067,765 6,047,236 California 3,373,985 4,806,451 Kentucky 3,299,038 3,492,854 Georgia 2,652,028 3,123,530 Ohio 1,721,232 1,805,093 Tennessee 923,652 1,054,671 Arizona 775,755 927,600 Indiana 763,433 95,434 Missouri 530,176 267,996 West Virginia 419,536 440,725 Pennsylvania 374,790 - Nevada 374,363 - North Carolina 356,727 359,308 New Jersey 248,979 252,612 South Carolina 230,163 248,815 Colorado 223,109 225,772 Massachusetts 208,908 239,399 Idaho 163,001 174,433 Kansas 135,639 136,442 Utah 78,072 77,919 Total $ 32,663,124 $ 29,459,436 The Company owns certain investments in state-guaranteed receivables. These investments represent an assignment of the future rights to cash flows from lottery winners purchased at a discounted price. Payments on these investments are made by state run lotteries and guaranteed by the states. The state-guaranteed receivables are carried at their amortized cost basis on the balance sheet. At September 30, 2015, the amortized cost and estimated fair value of state-guaranteed receivables, by contractual maturity, are summarized as follows: Amortized Fair Cost Value Due in one year or less $ 714,500 $ 723,349 Due after one year through five years 2,620,123 2,848,554 Due after five years through ten years 3,055,607 3,746,986 Due after ten years 1,328,914 1,848,424 Total $ 7,719,144 $ 9,167,313 The amortized cost of state-guaranteed receivables, by state, is summarized as follows: September 30, December 31, 2015 2014 New York $ 3,483,293 $ 3,694,805 Massachusetts 1,995,344 1,969,570 Georgia 1,454,579 1,467,774 Pennsylvania 315,729 299,851 Texas 239,867 227,649 California 177,173 188,131 Ohio 53,159 69,599 Total $ 7,719,144 $ 7,917,379 During the third quarter of 2015, the Company began purchasing investments in convertible fixed maturity securities. Convertible securities feature an option allowing for a portion of the security to be converted into an equity position of the underlying issuer in exchange for a lower coupon rate. In accordance with FASB accounting guidance, this convertible feature must be bifurcated and reported separately on the balance sheet at fair value, with adjustments in fair value recognized in the income statement. Accordingly, the convertible options within our portfolio are reported as investments in convertible options on the balance sheet, and the mark-to-market adjustment associated with the changes in fair value of the convertible options are reported as gains (losses) on investments in convertible options as a component of net investment income. As of September 30, 2015, the total fair value of our investments in convertible options was $663,950. For the quarter and nine months ended September 30, 2015, we recognized a loss on our investments in convertible options of $41,082 relative to the mark-to-market adjustment. Additionally, we recognized a net realized investment loss of $5,529 upon the exchange of one convertible security. Major categories of net investment income are summarized as follows: Quarter Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Fixed maturities $ 4,517,133 $ 4,930,579 $ 13,713,883 $ 14,369,420 Equity securities 55,400 58,733 192,180 186,211 Mortgage loans on real estate 545,945 391,596 1,730,040 1,048,296 Policy loans 126,798 121,585 368,784 356,962 State-guaranteed receivables 134,770 137,889 413,045 422,403 Loss on investments in convertible options (41,082 ) - (41,082 ) - Other 47,741 56,486 168,772 173,972 Gross investment income 5,386,705 5,696,868 16,545,622 16,557,264 Investment expenses 148,668 303,574 744,725 910,364 Net investment income $ 5,238,037 $ 5,393,294 $ 15,800,897 $ 15,646,900

Note 5 - Fair Values of Financi

Note 5 - Fair Values of Financial Instruments	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	NOTE 5 – Fair Values of Financial Instruments The fair value of a financial instrument is the estimated amount at which the instrument could be exchanged in an orderly transaction between knowledgeable, unrelated, willing parties, i.e., not in a forced transaction. The estimated fair value of a financial instrument may differ from the amount that could be realized if the security was sold in an immediate sale, e.g., a forced transaction. Additionally, the valuation of investments is more subjective when markets are less liquid due to the lack of market based inputs, which may increase the potential that the estimated fair value of an investment is not reflective of the price at which an actual transaction would occur. The Company holds fixed maturities and equity securities that are measured and reported at fair market value on the balance sheet. The Company is also required to disclose fair value estimates for other financial instruments not required to be carried at market value on the balance sheet. 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 Level 2 Level 3 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/out of the Level 3 category as of the beginning of the period in which the reclassifications occur. Valuation of Investments Reported at Fair Value in Financial Statements The Company’s Level 1 investments include equity securities that are traded in an active exchange market, as well as one U.S. agency equity security whose value is set by government statute. The Company’s Level 2 investments include fixed maturities with quoted prices that are traded less frequently than exchange-traded instruments or instruments 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 the majority of our fixed maturities, where fair values are obtained from a nationally recognized, third-party pricing service as well as our investments in convertible options. These options are bifurcated from the underlying fixed maturity investments and are also valued using observable market data. The Company’s Level 3 investments include financial instruments whose value cannot be obtained through a pricing service and must be 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 currently includes one private equity investment where independent pricing inputs were not able to be obtained. For fixed maturities that may fall within this level, the Company utilizes the assistance of its third-party investment advisor to estimate the fair value based on non-binding broker quotes and internal models using unobservable assumptions about market participants. For the private equity investment, the Company establishes fair value based on the most recent trading activity as well as a review of the underlying financial statements of the entity. The following table presents the Company’s fair value hierarchy for those financial instruments measured and reported at fair value on a recurring basis as of September 30, 2015 and December 31, 2014. September 30, 2015 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 24,713,899 $ - $ 24,713,899 States and political subdivisions - 42,066,310 - 42,066,310 Corporate - 233,914,334 - 233,914,334 Foreign - 65,136,451 - 65,136,451 Asset-backed securities - 301,960 - 301,960 Mortgage-backed securities: Commercial MBS - 7,126,839 - 7,126,839 Residential MBS - 40,815,457 - 40,815,457 Corporate redeemable preferred stock - 218,123 - 218,123 Total fixed maturities $ - $ 414,293,373 $ - $ 414,293,373 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 304,709 - - 304,709 Corporate common stock 5,976,096 - 352,000 6,328,096 Total equity securities $ 6,988,705 $ - $ 352,000 $ 7,340,705 Investments in convertible options $ - $ 663,950 $ - $ 663,950 December 31, 2014 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 28,868,011 $ - $ 28,868,011 States and political subdivisions - 44,007,246 - 44,007,246 Corporate - 239,038,512 - 239,038,512 Foreign - 65,975,213 - 65,975,213 Asset-backed securities - 1,466,497 - 1,466,497 Mortgage-backed securities: Commercial MBS - 8,136,186 - 8,136,186 Residential MBS - 42,625,813 - 42,625,813 Total fixed maturities $ - $ 430,117,478 $ - $ 430,117,478 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 358,322 - - 358,322 Corporate common stock 5,955,597 - 384,000 6,339,597 Total equity securities $ 7,021,819 $ - $ 384,000 $ 7,405,819 The following table provides a summary of changes in fair value of our Level 3 financial instruments reported at fair value for the quarters and nine months ended September 30, 2015 and 2014. Quarter Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Corporate common stock: Beginning balance $ 352,000 $ 384,000 $ 384,000 $ 384,000 Transfers into Level 3 - - - - Transfers out of Level 3 - - - - Purchases - - - - Sales - - - - Total gains or losses: Included in earnings - - - - Included in other comprehensive income - - (32,000 ) - Ending balance $ 352,000 $ 384,000 $ 352,000 $ 384,000 The Company experienced no transfers between Level 1 and Level 2 during the quarters or nine months ended September 30, 2015 or 2014. The Company experienced no transfers between Level 2 and Level 3 during the quarters or nine months ended September 30, 2015 or 2014. Transfers in and/or out of Level 3 are primarily attributable to changes in the availability of market observable information and re-evaluation of the observability of pricing inputs. The unrealized gains (losses) on Level 3 investments are recorded as a component of accumulated other comprehensive income (loss), net of tax, in accordance with required accounting for our available-for-sale portfolio. Financial Instruments Disclosed, but not Carried, at Fair Value The following disclosure presents the carrying values and estimated fair values of the Company’s financial instruments disclosed, but not carried, at fair value as of September 30, 2015 and December 31, 2014, and the level within the fair value hierarchy at which such assets and liabilities are measured on a recurring basis . The fair values for insurance contracts other than investment-type contracts are not required to be disclosed. 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. September 30, 2015 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 10,926,869 $ 11,381,087 $ - $ - $ 11,381,087 Residential 21,736,255 23,700,043 - - 23,700,043 Policy loans 6,784,617 6,784,617 - - 6,784,617 State-guaranteed receivables 7,719,144 9,167,313 - 9,167,313 - Other invested assets 2,646,099 2,646,099 - - 2,646,099 Cash and cash equivalents 8,979,130 8,979,130 8,979,130 - - Accrued investment income 4,451,587 4,451,587 - - 4,451,587 Cash value of company-owned life insurance 13,209,476 13,209,476 - - 13,209,476 Liabilities: Policyholder deposits (Investment-type contracts) 52,736,316 55,141,396 - - 55,141,396 Policy claims 2,681,040 2,681,040 - - 2,681,040 Obligations under capital leases 462,385 462,385 - - 462,385 Notes payable 1,809,760 1,809,760 - - 1,809,760 December 31, 2014 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 12,961,492 $ 13,693,557 $ - $ - $ 13,693,557 Residential 16,497,944 18,392,927 - - 18,392,927 Policy loans 6,665,493 6,665,493 - - 6,665,493 State-guaranteed receivables 7,917,379 9,719,006 - 9,719,006 - Other invested assets 3,270,848 3,270,848 - - 3,270,848 Cash and cash equivalents 1,870,867 1,870,867 1,870,867 - - Accrued investment income 5,190,740 5,190,740 - - 5,190,740 Cash value of company-owned life insurance 12,441,833 12,441,833 - - 12,441,833 Liabilities: Policyholder deposits (Investment-type contracts) 53,318,598 55,486,262 - - 55,486,262 Policy claims 2,821,106 2,821,106 - - 2,821,106 Obligations under capital leases 553,028 553,028 - - 553,028 Notes payable 2,508,576 2,508,576 - - 2,508,576 The following methods and assumptions were used in estimating the fair value disclosures for financial instruments in the accompanying financial statements and notes thereto: Mortgage loans on real estate: State-guaranteed receivables: Cash and cash equivalents: Cash value of company-owned life insurance: Investment-type contracts: Notes payable: Policy loans, other invested assets, accrued investment income, policy claims and obligations under capital leases:

Note 6 - Earnings Per Share

Note 6 - Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	NOTE 6 - Earnings per Share Earnings per share of common stock were computed based on the weighted average number of common shares outstanding during each period. The weighted average number of shares outstanding for the quarters ended September 30, 2015 and 2014 were 1,117,605 and 1,125,247, respectively. The weighted average number of shares outstanding for the nine months ended September 30, 2015 and 2014 were 1,121,130 and 1,127,006, respectively.

Note 7 - Segment Data

Note 7 - Segment Data	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	NOTE 7 - Segment Data The Company operates in four segments as shown in the following table. All segments include both individual and group insurance. Identifiable revenues, expenses and assets are assigned directly to the applicable segment. Net investment income, realized gains and losses, and invested assets are generally allocated to the insurance and the corporate segments in proportion to policy liabilities and stockholders' equity, respectively. Certain assets, such as property and equipment and leased property under capital leases, are allocated between the administrative and financial services segment and the corporate and other segment. Investors Heritage Financial revenue associated with credit administrative services is assigned to the administrative and financial services segment, along with fees relative to third party administrative services. Any remaining revenue is assigned to the corporate and other segment. Results for the parent company, Investors Heritage Printing, At Need Funding and Heritage Funding, after elimination of intercompany amounts, are allocated to the corporate and other segment. Quarter Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenue: Preneed and burial products $ 13,064,662 $ 12,737,829 $ 37,451,666 $ 36,329,237 Traditional and universal life products 4,763,360 5,456,879 13,859,163 15,554,141 Administrative and financial services 397,378 275,076 1,037,432 901,085 Corporate and other 188,229 234,948 630,463 775,115 Total revenue $ 18,413,629 $ 18,704,732 $ 52,978,724 $ 53,559,578 Pre-tax income (loss) from operations: Preneed and burial products $ 590,199 $ 487,638 $ (309,668 ) $ 128,924 Traditional and universal life products 364,982 687,998 640,179 969,175 Administrative and financial services 83,689 90,797 201,412 204,706 Corporate and other (3,390 ) (3,701 ) 12,677 185,162 Total pre-tax income (loss) $ 1,035,480 $ 1,262,732 $ 544,600 $ 1,487,967

Note 8 - Federal Income Taxes

Note 8 - Federal Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	NOTE 8 – Federal Income Taxes The provision for federal income taxes is based on the estimated effective annual tax rate. 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. Income before federal income taxes differs from taxable income principally due to the dividends-received deduction; the 404(k) dividend deduction; the small life insurance company tax deduction; nondeductible travel and entertainment expenses; and non-taxable effects of company-owned life insurance premiums, cash value growth, and death benefit proceeds. We file U.S. federal income tax returns and income tax returns in various state jurisdictions. Our 2012 through 2014 U.S. federal tax years remain subject to income tax examination by tax authorities. We have no known uncertain tax benefits within our provision for income taxes. In addition, we do not believe the Company will be subject to any penalties or interest relative to any open tax years and, therefore, have not accrued any such amounts. However, should such a circumstance arise, it is our policy to classify any interest and penalties (if applicable) as income tax expense in the financial statements.

Note 9 - Other Comprehensive In

Note 9 - Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2015
Disclosure Text Block [Abstract]
Comprehensive Income (Loss) Note [Text Block]	NOTE 9 – Other Comprehensive Income (Loss) The following tables present the pretax components of the Company’s other comprehensive income (loss), and the related income tax expense (benefit) for each component, for the quarters and nine months ended September 30, 2015 and 2014. Quarter Ended September 30, 2015 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized gains on available-for-sale securities: Unrealized holding losses arising during period $ (2,866,815 ) $ (1,106,939 ) $ (1,759,876 ) Reclassification adjustment for gains included in income (606,509 ) (73,993 ) (532,516 ) Adjustment for effect of deferred acquisition costs 93,198 31,688 61,510 Net unrealized losses on investments (3,380,126 ) (1,149,244 ) (2,230,882 ) Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 190,559 64,790 125,769 Total other comprehensive loss $ (3,189,567 ) $ (1,084,454 ) $ (2,105,113 ) Quarter Ended September 30, 2014 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized gains on available-for-sale securities: Unrealized holding losses arising during period $ (3,670,059 ) $ (1,366,178 ) $ (2,303,881 ) Reclassification adjustment for gains included in income (593,272 ) (83,355 ) (509,917 ) Adjustment for effect of deferred acquisition costs 126,140 42,887 83,253 Net unrealized losses on investments (4,137,191 ) (1,406,646 ) (2,730,545 ) Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 97,604 33,185 64,419 Total other comprehensive loss $ (4,039,587 ) $ (1,373,461 ) $ (2,666,126 ) Nine Months Ended September 30, 2015 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized gains on available-for-sale securities: Unrealized holding losses arising during period $ (8,609,887 ) $ (3,068,836 ) $ (5,541,051 ) Reclassification adjustment for gains included in income (734,350 ) (108,206 ) (626,144 ) Adjustment for effect of deferred acquisition costs 257,145 87,430 169,715 Net unrealized losses on investments (9,087,092 ) (3,089,612 ) (5,997,480 ) Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 571,675 194,370 377,305 Total other comprehensive loss $ (8,515,417 ) $ (2,895,242 ) $ (5,620,175 ) Nine Months Ended September 30, 2014 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during period $ 10,975,674 $ 3,603,731 $ 7,371,943 Reclassification adjustment for gains included in income (662,131 ) (97,127 ) (565,004 ) Adjustment for effect of deferred acquisition costs (252,382 ) (85,810 ) (166,572 ) Net unrealized gains on investments 10,061,161 3,420,794 6,640,367 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 292,810 99,555 193,255 Total other comprehensive income $ 10,353,971 $ 3,520,349 $ 6,833,622 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 change in the components of the Company’s accumulated other comprehensive income, net of tax, for the nine months ended September 30, 2015 and 2014 are as follows: Unrealized Gains Defined Accumulated (Losses) on Benefit Other Available-For-Sale Pension Comprehensive Securities Plan Income For the nine months ended September 30, 2015: Beginning balance $ 17,743,407 $ (5,039,088 ) $ 12,704,319 Other comprehensive loss before reclassifications (5,371,336 ) - (5,371,336 ) Amounts reclassified from accumulated other comprehensive income (626,144 ) 377,305 (248,839 ) Net current period other comprehensive income (loss) (5,997,480 ) 377,305 (5,620,175 ) Ending balance $ 11,745,927 $ (4,661,783 ) $ 7,084,144 For the nine months ended September 30, 2014: Beginning balance $ 9,916,148 $ (3,164,157 ) $ 6,751,991 Other comprehensive income before reclassifications 7,205,371 - 7,205,371 Amounts reclassified from accumulated other comprehensive income (565,004 ) 193,255 (371,749 ) Net current period other comprehensive income 6,640,367 193,255 6,833,622 Ending balance $ 16,556,515 $ (2,970,902 ) $ 13,585,613 The following table presents 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 income for the quarters and nine months ended September 30, 2015 and 2014. Quarter Ended September 30, Nine Months Ended September 30, Reclassification Adjustments 2015 2014 2015 2014 Unrealized gains on available-for-sale securities: Realized gains on sale of securities (a) $ 606,509 $ 593,272 $ 734,350 $ 662,131 Income tax expense (c) (73,993 ) (83,355 ) (108,206 ) (97,127 ) Net of tax 532,516 509,917 626,144 565,004 Defined benefit pension plan: Amortization of actuarial net loss (b) (190,559 ) (97,604 ) (571,675 ) (292,810 ) Income tax benefit (c) 64,790 33,185 194,370 99,555 Net of tax (125,769 ) (64,419 ) (377,305 ) (193,255 ) Total reclassifications for the period $ 406,747 $ 445,498 $ 248,839 $ 371,749 (a) These items appear within net realized gains on investments in the consolidated income statements. (b) These items are included in the computation of net periodic pension cost (see Note 10). (c) These items appear within federal income taxes in the consolidated income statements.

Note 10 - Employee Benefit Plan

Note 10 - Employee Benefit Plans	9 Months Ended
	Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Pension and Other Postretirement Benefits Disclosure [Text Block]	NOTE 10 – Employee Benefit Plans Investors Heritage Capital Corporation sponsors a noncontributory defined benefit pension plan, which was frozen in 2012 with respect to new benefit accruals. Participants in the plan at the time it was frozen may still continue to earn vesting credit towards their pension plan benefit. The following table provides the components of our net periodic benefit cost: Quarter Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Service cost $ - $ - $ - $ - Interest cost 222,565 261,263 667,697 783,791 Expected return on plan assets (293,069 ) (299,418 ) (879,208 ) (898,255 ) Recognized actuarial net loss 190,559 97,604 571,675 292,810 Net periodic pension cost $ 120,055 $ 59,449 $ 360,164 $ 178,346 We previously disclosed in our financial statements for the year ended December 31, 2014 that the Company expected to contribute $300,000 to our defined benefit pension plan during 2015. As of September 30, 2015, the Company had contributed $225,000 to the plan.

Note 11 - Notes Payable

Note 11 - Notes Payable	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE 11 – Notes Payable The Company renewed the Investors Heritage Capital Corporation Line of Credit and the At Need Funding Line of Credit during the first quarter of 2015. The Investors Heritage Capital Corporation Line of Credit remains for $150,000 with a new maturity date of March 24, 2017. Interest is paid on this note monthly at the prime rate, with a floor of 3.25%. The At Need Funding Line of Credit was increased to $1,500,000 with a new maturity date of March 24, 2017. Interest is paid on this note monthly at the prime rate, which is currently 3.25%.

Note 4 - Investments (Tables)

Note 4 - Investments (Tables)	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	Gross Gross September 30, 2015 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Fixed maturity securities: U.S. government obligations $ 23,726,172 $ 987,727 $ - $ 24,713,899 States and political subdivisions 37,135,156 5,083,117 151,963 42,066,310 Corporate 223,714,895 12,700,391 2,500,952 233,914,334 Foreign 65,514,288 2,359,407 2,737,244 65,136,451 Asset-backed securities 298,636 3,324 - 301,960 Mortgage-backed securities (MBS): Commercial MBS 6,834,983 291,856 - 7,126,839 Residential MBS 38,548,866 2,284,066 17,475 40,815,457 Corporate redeemable preferred stock 248,063 - 29,940 218,123 Total fixed maturity securities 396,021,059 23,709,888 5,437,574 414,293,373 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 - 13,575 304,709 Corporate common stock 6,335,472 500,426 507,802 6,328,096 Total equity securities 7,361,656 500,426 521,377 7,340,705 Total $ 403,382,715 $ 24,210,314 $ 5,958,951 $ 421,634,078 Gross Gross December 31, 2014 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Fixed maturity securities: U.S. government obligations $ 28,063,178 $ 820,997 $ 16,164 $ 28,868,011 States and political subdivisions 38,021,271 5,985,975 - 44,007,246 Corporate 224,299,411 15,669,733 930,632 239,038,512 Foreign 63,792,040 2,934,542 751,369 65,975,213 Asset-backed securities 1,432,996 33,501 - 1,466,497 Mortgage-backed securities (MBS): Commercial MBS 7,869,355 266,831 - 8,136,186 Residential MBS 40,118,010 2,507,809 6 42,625,813 Total fixed maturity securities 403,596,261 28,219,388 1,698,171 430,117,478 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 40,038 - 358,322 Corporate common stock 5,305,252 1,157,718 123,373 6,339,597 Total equity securities 6,331,436 1,197,756 123,373 7,405,819 Total $ 409,927,697 $ 29,417,144 $ 1,821,544 $ 437,523,297
Schedule of Temporary Impairment Losses, Investments [Table Text Block]	September 30, 2015 December 31, 2014 Gross Number Gross Number Estimated Unrealized of Estimated Unrealized of Fair Value Loss Securities Fair Value Loss Securities Fixed Maturities: Less than 12 months: States and political subdivisions $ 1,598,038 $ 151,963 2 $ - $ - - Corporate 38,273,689 2,029,774 38 12,473,068 508,818 7 Foreign 15,333,738 1,196,671 12 10,374,173 310,267 7 Residential MBS 3,420,922 17,475 3 16,862 6 1 Corporate redeemable preferred stock 218,123 29,940 1 - - - Greater than 12 months: U.S. government obligations - - - 7,736,774 16,164 1 Corporate 3,777,741 471,178 3 3,828,887 421,814 3 Foreign 3,606,250 1,540,573 2 4,724,455 441,102 2 Total fixed maturities 66,228,501 5,437,574 61 39,154,219 1,698,171 21 Equities: Less than 12 months: Mutual funds 304,709 13,575 1 - - - Corporate common stock 3,028,571 385,969 21 527,614 103,438 4 Greater than 12 months: Corporate common stock 210,067 121,833 3 525,865 19,935 4 Total equities 3,543,347 521,377 25 1,053,479 123,373 8 Total $ 69,771,848 $ 5,958,951 86 $ 40,207,698 $ 1,821,544 29
Unrealized Gain (Loss) on Investments [Table Text Block]	September 30, December 31, 2015 2014 Net unrealized appreciation on available-for sale securities $ 18,251,363 $ 27,595,600 Adjustment to deferred acquisition costs (454,505 ) (711,650 ) Deferred income taxes (6,050,931 ) (9,140,543 ) Net unrealized appreciation on available-for sale securities $ 11,745,927 $ 17,743,407
Investments Classified by Contractual Maturity Date [Table Text Block]	Available-for-Sale Amortized Fair Cost Value Due in one year or less $ 7,664,802 $ 7,783,345 Due after one year through five years 91,304,690 98,919,866 Due after five years through ten years 179,176,060 181,280,986 Due after ten years 50,575,950 55,722,618 Due at multiple maturity dates 67,051,494 70,368,435 Corporate redeemable preferred stock 248,063 218,123 Total $ 396,021,059 $ 414,293,373
Realized Gain (Loss) on Investments [Table Text Block]	Quarter Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Proceeds from sales and maturities $ 13,603,538 $ 19,194,823 $ 29,969,158 $ 36,423,802 Gross realized gains 606,915 611,566 857,095 785,376 Gross realized losses (406 ) (18,294 ) (122,745 ) (123,245 )
Realized and Unrealized Gains (Losses) on Investments [Table Text Block]	Quarter Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Change in net unrealized investment gains (losses): Securities available-for-sale: Fixed maturities $ (2,751,428 ) $ (4,179,008 ) $ (8,248,903 ) $ 9,722,385 Equity securities (721,896 ) (84,323 ) (1,095,334 ) 591,158 Net realized investment gains (losses): Securities available-for-sale: Fixed maturities $ - $ 593,895 $ 90,859 $ 662,083 Equity securities 606,509 (623 ) 643,491 48 Mortgage loans on real estate - - 75,915 - Investments in convertible options (5,529 ) - (5,529 ) -
Schedule of Mortgage Loans on Real Estate [Table Text Block]	September 30, December 31, 2015 2014 Illinois $ 5,900,430 $ 3,392,446 Texas 5,842,343 2,290,700 Florida 4,067,765 6,047,236 California 3,373,985 4,806,451 Kentucky 3,299,038 3,492,854 Georgia 2,652,028 3,123,530 Ohio 1,721,232 1,805,093 Tennessee 923,652 1,054,671 Arizona 775,755 927,600 Indiana 763,433 95,434 Missouri 530,176 267,996 West Virginia 419,536 440,725 Pennsylvania 374,790 - Nevada 374,363 - North Carolina 356,727 359,308 New Jersey 248,979 252,612 South Carolina 230,163 248,815 Colorado 223,109 225,772 Massachusetts 208,908 239,399 Idaho 163,001 174,433 Kansas 135,639 136,442 Utah 78,072 77,919 Total $ 32,663,124 $ 29,459,436
State Guaranteed Receivables, Classified by Contractual Maturity Date [Table Text Block]	Amortized Fair Cost Value Due in one year or less $ 714,500 $ 723,349 Due after one year through five years 2,620,123 2,848,554 Due after five years through ten years 3,055,607 3,746,986 Due after ten years 1,328,914 1,848,424 Total $ 7,719,144 $ 9,167,313
Schedule of Payments On State Guaranteed Receivables by State [Table Text Block]	September 30, December 31, 2015 2014 New York $ 3,483,293 $ 3,694,805 Massachusetts 1,995,344 1,969,570 Georgia 1,454,579 1,467,774 Pennsylvania 315,729 299,851 Texas 239,867 227,649 California 177,173 188,131 Ohio 53,159 69,599 Total $ 7,719,144 $ 7,917,379
Investment Income [Table Text Block]	Quarter Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Fixed maturities $ 4,517,133 $ 4,930,579 $ 13,713,883 $ 14,369,420 Equity securities 55,400 58,733 192,180 186,211 Mortgage loans on real estate 545,945 391,596 1,730,040 1,048,296 Policy loans 126,798 121,585 368,784 356,962 State-guaranteed receivables 134,770 137,889 413,045 422,403 Loss on investments in convertible options (41,082 ) - (41,082 ) - Other 47,741 56,486 168,772 173,972 Gross investment income 5,386,705 5,696,868 16,545,622 16,557,264 Investment expenses 148,668 303,574 744,725 910,364 Net investment income $ 5,238,037 $ 5,393,294 $ 15,800,897 $ 15,646,900

Note 5 - Fair Values of Finan20

Note 5 - Fair Values of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	September 30, 2015 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 24,713,899 $ - $ 24,713,899 States and political subdivisions - 42,066,310 - 42,066,310 Corporate - 233,914,334 - 233,914,334 Foreign - 65,136,451 - 65,136,451 Asset-backed securities - 301,960 - 301,960 Mortgage-backed securities: Commercial MBS - 7,126,839 - 7,126,839 Residential MBS - 40,815,457 - 40,815,457 Corporate redeemable preferred stock - 218,123 - 218,123 Total fixed maturities $ - $ 414,293,373 $ - $ 414,293,373 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 304,709 - - 304,709 Corporate common stock 5,976,096 - 352,000 6,328,096 Total equity securities $ 6,988,705 $ - $ 352,000 $ 7,340,705 Investments in convertible options $ - $ 663,950 $ - $ 663,950 December 31, 2014 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 28,868,011 $ - $ 28,868,011 States and political subdivisions - 44,007,246 - 44,007,246 Corporate - 239,038,512 - 239,038,512 Foreign - 65,975,213 - 65,975,213 Asset-backed securities - 1,466,497 - 1,466,497 Mortgage-backed securities: Commercial MBS - 8,136,186 - 8,136,186 Residential MBS - 42,625,813 - 42,625,813 Total fixed maturities $ - $ 430,117,478 $ - $ 430,117,478 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 358,322 - - 358,322 Corporate common stock 5,955,597 - 384,000 6,339,597 Total equity securities $ 7,021,819 $ - $ 384,000 $ 7,405,819
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Quarter Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Corporate common stock: Beginning balance $ 352,000 $ 384,000 $ 384,000 $ 384,000 Transfers into Level 3 - - - - Transfers out of Level 3 - - - - Purchases - - - - Sales - - - - Total gains or losses: Included in earnings - - - - Included in other comprehensive income - - (32,000 ) - Ending balance $ 352,000 $ 384,000 $ 352,000 $ 384,000
Fair Value, by Balance Sheet Grouping [Table Text Block]	September 30, 2015 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 10,926,869 $ 11,381,087 $ - $ - $ 11,381,087 Residential 21,736,255 23,700,043 - - 23,700,043 Policy loans 6,784,617 6,784,617 - - 6,784,617 State-guaranteed receivables 7,719,144 9,167,313 - 9,167,313 - Other invested assets 2,646,099 2,646,099 - - 2,646,099 Cash and cash equivalents 8,979,130 8,979,130 8,979,130 - - Accrued investment income 4,451,587 4,451,587 - - 4,451,587 Cash value of company-owned life insurance 13,209,476 13,209,476 - - 13,209,476 Liabilities: Policyholder deposits (Investment-type contracts) 52,736,316 55,141,396 - - 55,141,396 Policy claims 2,681,040 2,681,040 - - 2,681,040 Obligations under capital leases 462,385 462,385 - - 462,385 Notes payable 1,809,760 1,809,760 - - 1,809,760 December 31, 2014 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 12,961,492 $ 13,693,557 $ - $ - $ 13,693,557 Residential 16,497,944 18,392,927 - - 18,392,927 Policy loans 6,665,493 6,665,493 - - 6,665,493 State-guaranteed receivables 7,917,379 9,719,006 - 9,719,006 - Other invested assets 3,270,848 3,270,848 - - 3,270,848 Cash and cash equivalents 1,870,867 1,870,867 1,870,867 - - Accrued investment income 5,190,740 5,190,740 - - 5,190,740 Cash value of company-owned life insurance 12,441,833 12,441,833 - - 12,441,833 Liabilities: Policyholder deposits (Investment-type contracts) 53,318,598 55,486,262 - - 55,486,262 Policy claims 2,821,106 2,821,106 - - 2,821,106 Obligations under capital leases 553,028 553,028 - - 553,028 Notes payable 2,508,576 2,508,576 - - 2,508,576

Note 7 - Segment Data (Tables)

Note 7 - Segment Data (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Quarter Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenue: Preneed and burial products $ 13,064,662 $ 12,737,829 $ 37,451,666 $ 36,329,237 Traditional and universal life products 4,763,360 5,456,879 13,859,163 15,554,141 Administrative and financial services 397,378 275,076 1,037,432 901,085 Corporate and other 188,229 234,948 630,463 775,115 Total revenue $ 18,413,629 $ 18,704,732 $ 52,978,724 $ 53,559,578 Pre-tax income (loss) from operations: Preneed and burial products $ 590,199 $ 487,638 $ (309,668 ) $ 128,924 Traditional and universal life products 364,982 687,998 640,179 969,175 Administrative and financial services 83,689 90,797 201,412 204,706 Corporate and other (3,390 ) (3,701 ) 12,677 185,162 Total pre-tax income (loss) $ 1,035,480 $ 1,262,732 $ 544,600 $ 1,487,967

Note 9 - Other Comprehensive 22

Note 9 - Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure Text Block [Abstract]
Comprehensive Income (Loss) [Table Text Block]	Quarter Ended September 30, 2015 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized gains on available-for-sale securities: Unrealized holding losses arising during period $ (2,866,815 ) $ (1,106,939 ) $ (1,759,876 ) Reclassification adjustment for gains included in income (606,509 ) (73,993 ) (532,516 ) Adjustment for effect of deferred acquisition costs 93,198 31,688 61,510 Net unrealized losses on investments (3,380,126 ) (1,149,244 ) (2,230,882 ) Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 190,559 64,790 125,769 Total other comprehensive loss $ (3,189,567 ) $ (1,084,454 ) $ (2,105,113 ) Quarter Ended September 30, 2014 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized gains on available-for-sale securities: Unrealized holding losses arising during period $ (3,670,059 ) $ (1,366,178 ) $ (2,303,881 ) Reclassification adjustment for gains included in income (593,272 ) (83,355 ) (509,917 ) Adjustment for effect of deferred acquisition costs 126,140 42,887 83,253 Net unrealized losses on investments (4,137,191 ) (1,406,646 ) (2,730,545 ) Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 97,604 33,185 64,419 Total other comprehensive loss $ (4,039,587 ) $ (1,373,461 ) $ (2,666,126 ) Nine Months Ended September 30, 2015 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized gains on available-for-sale securities: Unrealized holding losses arising during period $ (8,609,887 ) $ (3,068,836 ) $ (5,541,051 ) Reclassification adjustment for gains included in income (734,350 ) (108,206 ) (626,144 ) Adjustment for effect of deferred acquisition costs 257,145 87,430 169,715 Net unrealized losses on investments (9,087,092 ) (3,089,612 ) (5,997,480 ) Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 571,675 194,370 377,305 Total other comprehensive loss $ (8,515,417 ) $ (2,895,242 ) $ (5,620,175 ) Nine Months Ended September 30, 2014 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during period $ 10,975,674 $ 3,603,731 $ 7,371,943 Reclassification adjustment for gains included in income (662,131 ) (97,127 ) (565,004 ) Adjustment for effect of deferred acquisition costs (252,382 ) (85,810 ) (166,572 ) Net unrealized gains on investments 10,061,161 3,420,794 6,640,367 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 292,810 99,555 193,255 Total other comprehensive income $ 10,353,971 $ 3,520,349 $ 6,833,622
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Unrealized Gains Defined Accumulated (Losses) on Benefit Other Available-For-Sale Pension Comprehensive Securities Plan Income For the nine months ended September 30, 2015: Beginning balance $ 17,743,407 $ (5,039,088 ) $ 12,704,319 Other comprehensive loss before reclassifications (5,371,336 ) - (5,371,336 ) Amounts reclassified from accumulated other comprehensive income (626,144 ) 377,305 (248,839 ) Net current period other comprehensive income (loss) (5,997,480 ) 377,305 (5,620,175 ) Ending balance $ 11,745,927 $ (4,661,783 ) $ 7,084,144 For the nine months ended September 30, 2014: Beginning balance $ 9,916,148 $ (3,164,157 ) $ 6,751,991 Other comprehensive income before reclassifications 7,205,371 - 7,205,371 Amounts reclassified from accumulated other comprehensive income (565,004 ) 193,255 (371,749 ) Net current period other comprehensive income 6,640,367 193,255 6,833,622 Ending balance $ 16,556,515 $ (2,970,902 ) $ 13,585,613
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]	Quarter Ended September 30, Nine Months Ended September 30, Reclassification Adjustments 2015 2014 2015 2014 Unrealized gains on available-for-sale securities: Realized gains on sale of securities (a) $ 606,509 $ 593,272 $ 734,350 $ 662,131 Income tax expense (c) (73,993 ) (83,355 ) (108,206 ) (97,127 ) Net of tax 532,516 509,917 626,144 565,004 Defined benefit pension plan: Amortization of actuarial net loss (b) (190,559 ) (97,604 ) (571,675 ) (292,810 ) Income tax benefit (c) 64,790 33,185 194,370 99,555 Net of tax (125,769 ) (64,419 ) (377,305 ) (193,255 ) Total reclassifications for the period $ 406,747 $ 445,498 $ 248,839 $ 371,749

Note 10 - Employee Benefit Pl23

Note 10 - Employee Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	Quarter Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Service cost $ - $ - $ - $ - Interest cost 222,565 261,263 667,697 783,791 Expected return on plan assets (293,069 ) (299,418 ) (879,208 ) (898,255 ) Recognized actuarial net loss 190,559 97,604 571,675 292,810 Net periodic pension cost $ 120,055 $ 59,449 $ 360,164 $ 178,346

Note 1 - Nature of Operations (

Note 1 - Nature of Operations (Details)	9 Months Ended
	Sep. 30, 2015
Disclosure Text Block [Abstract]
Percent of Revenue	99.00%

Note 4 - Investments (Details)

Note 4 - Investments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Note 4 - Investments (Details) [Line Items]
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities	$ 0	$ 0	$ 0	$ 9
Restricted Cash and Investments	$ 23,280,207		$ 23,280,207		$ 23,951,372
Mortgage Loans, Commercial Percentage	33.50%		33.50%		41.90%
Mortgage Loans, Residential Percentage	66.50%		66.50%		58.10%
Maximum Loan to Value Ratio Required	80.00%		80.00%
Minimum Debt Service Coverage Required	115.00%		115.00%
Mortgage Loans in Process of Foreclosure, Amount 2	$ 0		$ 0		$ 0
Mortgage Loans, Modifications, Recorded Investment	0		0		0
Mortgage Loan Defaults, Amount	0	$ 0	0	$ 9
Investments in Convertible Options, Fair Value	663,950		663,950
Investments in Convertible Securities, Loss	41,082		41,082
Investments in Convertible Securities, Net Realized Gain (Loss) on Exchange	(5,529)		(5,529)
Mortgage Loans, Equal to Greater than 90 Days Past Due [Member]
Note 4 - Investments (Details) [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	0		0		0
Nonperforming Financial Instruments [Member]
Note 4 - Investments (Details) [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	0		0		0
Nonaccrual Status [Member]
Note 4 - Investments (Details) [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 0		$ 0		$ 0
Fixed Maturities [Member]
Note 4 - Investments (Details) [Line Items]
Minimum Fair Value to Cost Ratio	60.00%		60.00%		86.00%
Equity Securities [Member]
Note 4 - Investments (Details) [Line Items]
Minimum Fair Value to Cost Ratio	51.00%		51.00%		78.00%

Note 4 - Investments (Details)

Note 4 - Investments (Details) - Available-for-sale Securities - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fixed maturity securities:
Fixed maturity securities, amortized cost	$ 396,021,059	$ 403,596,261
Fixed maturity securities, gross unrealized gains	23,709,888	28,219,388
Fixed maturity securities, gross unrealized losses	5,437,574	1,698,171
Fixed maturity securities	414,293,373	430,117,478
Equity securities:
Equity securities, amortized cost	7,361,656	6,331,436
Equity securities, gross unrealized gains	500,426	1,197,756
Equity securities, gross unrealized losses	521,377	123,373
Equity securities	7,340,705	7,405,819
Securities, amortized cost	403,382,715	409,927,697
Securities, gross unrealized gains	24,210,314	29,417,144
Securities, gross unrealized losses	5,958,951	1,821,544
Securities	421,634,078	437,523,297
US Government Agencies Debt Securities [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	23,726,172	28,063,178
Fixed maturity securities, gross unrealized gains	987,727	820,997
Fixed maturity securities, gross unrealized losses		16,164
Fixed maturity securities	24,713,899	28,868,011
Equity securities:
Securities	24,713,899	28,868,011
US States and Political Subdivisions Debt Securities [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	37,135,156	38,021,271
Fixed maturity securities, gross unrealized gains	5,083,117	5,985,975
Fixed maturity securities, gross unrealized losses	151,963
Fixed maturity securities	42,066,310	44,007,246
Equity securities:
Securities	42,066,310	44,007,246
Corporate Debt Securities [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	223,714,895	224,299,411
Fixed maturity securities, gross unrealized gains	12,700,391	15,669,733
Fixed maturity securities, gross unrealized losses	2,500,952	930,632
Fixed maturity securities	233,914,334	239,038,512
Equity securities:
Securities	233,914,334	239,038,512
Foreign [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	65,514,288	63,792,040
Fixed maturity securities, gross unrealized gains	2,359,407	2,934,542
Fixed maturity securities, gross unrealized losses	2,737,244	751,369
Fixed maturity securities	65,136,451	65,975,213
Equity securities:
Securities	65,136,451	65,975,213
Asset-backed Securities [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	298,636	1,432,996
Fixed maturity securities, gross unrealized gains	3,324	33,501
Fixed maturity securities	301,960	1,466,497
Equity securities:
Securities	301,960	1,466,497
Commercial Mortgage Backed Securities [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	6,834,983	7,869,355
Fixed maturity securities, gross unrealized gains	291,856	266,831
Fixed maturity securities	7,126,839	8,136,186
Equity securities:
Securities	7,126,839	8,136,186
Residential Mortgage Backed Securities [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	38,548,866	40,118,010
Fixed maturity securities, gross unrealized gains	2,284,066	2,507,809
Fixed maturity securities, gross unrealized losses	17,475	6
Fixed maturity securities	40,815,457	42,625,813
Equity securities:
Securities	40,815,457	42,625,813
Redeemable Preferred Stock [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	248,063
Fixed maturity securities, gross unrealized losses	29,940
Fixed maturity securities	218,123
Equity securities:
Securities	218,123
US Agencies [Member]
Equity securities:
Equity securities, amortized cost	707,900	707,900
Equity securities	707,900	707,900
Securities	707,900	707,900
Mutual Funds [Member]
Equity securities:
Equity securities, amortized cost	318,284	318,284
Equity securities, gross unrealized gains		40,038
Equity securities, gross unrealized losses	13,575
Equity securities	304,709	358,322
Securities	304,709	358,322
Common Stock [Member]
Equity securities:
Equity securities, amortized cost	6,335,472	5,305,252
Equity securities, gross unrealized gains	500,426	1,157,718
Equity securities, gross unrealized losses	507,802	123,373
Equity securities	6,328,096	6,339,597
Securities	$ 6,328,096	$ 6,339,597

Note 4 - Investments (Details27

Note 4 - Investments (Details) - Securities in a Continuous Unrealized Loss Position	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 304,709
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 13,575
Securities in continuous loss position, less than 12 months, number of securities	1
Greater than 12 months:
Securities in continuous loss position, estimated fair value	$ 69,771,848	$ 40,207,698
Securities in continuous loss position, gross unrealized loss	$ 5,958,951	$ 1,821,544
Securities in continuous loss position, number of securities	86	29
US States and Political Subdivisions Debt Securities [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 1,598,038
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 151,963
Securities in continuous loss position, less than 12 months, number of securities	2
Corporate Debt Securities [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 38,273,689	$ 12,473,068
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 2,029,774	$ 508,818
Securities in continuous loss position, less than 12 months, number of securities	38	7
Greater than 12 months:
Securities in continuous loss position, greater than 12 months, fair value	$ 3,777,741	$ 3,828,887
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 471,178	$ 421,814
Securities in continuous loss position, greater than 12 months, number of securities	3	3
Foreign [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 15,333,738	$ 10,374,173
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 1,196,671	$ 310,267
Securities in continuous loss position, less than 12 months, number of securities	12	7
Greater than 12 months:
Securities in continuous loss position, greater than 12 months, fair value	$ 3,606,250	$ 4,724,455
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 1,540,573	$ 441,102
Securities in continuous loss position, greater than 12 months, number of securities	2	2
Residential Mortgage Backed Securities [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 3,420,922	$ 16,862
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 17,475	$ 6
Securities in continuous loss position, less than 12 months, number of securities	3	1
Redeemable Preferred Stock [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 218,123
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 29,940
Securities in continuous loss position, less than 12 months, number of securities	1
US Government Agencies Debt Securities [Member]
Greater than 12 months:
Securities in continuous loss position, greater than 12 months, fair value		$ 7,736,774
Securities in continuous loss position, greater than 12 months, gross unrealized loss		$ 16,164
Securities in continuous loss position, greater than 12 months, number of securities		1
Debt Securities [Member]
Greater than 12 months:
Securities in continuous loss position, estimated fair value	$ 66,228,501	$ 39,154,219
Securities in continuous loss position, gross unrealized loss	$ 5,437,574	$ 1,698,171
Securities in continuous loss position, number of securities	61	21
Common Stock [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 3,028,571	$ 527,614
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 385,969	$ 103,438
Securities in continuous loss position, less than 12 months, number of securities	21	4
Greater than 12 months:
Securities in continuous loss position, greater than 12 months, fair value	$ 210,067	$ 525,865
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 121,833	$ 19,935
Securities in continuous loss position, greater than 12 months, number of securities	3	4
Equity Securities [Member]
Greater than 12 months:
Securities in continuous loss position, estimated fair value	$ 3,543,347	$ 1,053,479
Securities in continuous loss position, gross unrealized loss	$ 521,377	$ 123,373
Securities in continuous loss position, number of securities	25	8

Note 4 - Investments (Details28

Note 4 - Investments (Details) - Net Unrealized Gains for Investments Classified as Available-for-sale - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Net Unrealized Gains for Investments Classified as Available-for-sale [Abstract]
Net unrealized appreciation on available-for sale securities	$ 18,251,363	$ 27,595,600
Adjustment to deferred acquisition costs	(454,505)	(711,650)
Deferred income taxes	(6,050,931)	(9,140,543)
Net unrealized appreciation on available-for sale securities	$ 11,745,927	$ 17,743,407

Note 4 - Investments (Details29

Note 4 - Investments (Details) - Fixed Maturity Securities by Contractual Maturity - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Note 4 - Investments (Details) - Fixed Maturity Securities by Contractual Maturity [Line Items]
Total	$ 396,021,059	$ 403,596,261
Total	414,293,373	$ 430,117,478
All Except for State Guaranteed Receivables [Member]
Note 4 - Investments (Details) - Fixed Maturity Securities by Contractual Maturity [Line Items]
Due in one year or less	7,664,802
Due in one year or less	7,783,345
Due after one year through five years	91,304,690
Due after one year through five years	98,919,866
Due after five years through ten years	179,176,060
Due after five years through ten years	181,280,986
Due after ten years	50,575,950
Due after ten years	55,722,618
Total	396,021,059
Total	414,293,373
Due at Multiple Maturity Dates [Member] | All Except for State Guaranteed Receivables [Member]
Note 4 - Investments (Details) - Fixed Maturity Securities by Contractual Maturity [Line Items]
Securities Without Single Maturity Date	67,051,494
Securities Without Single Maturity Date	70,368,435
Redeemable Preferred Stock [Member]
Note 4 - Investments (Details) - Fixed Maturity Securities by Contractual Maturity [Line Items]
Total	248,063
Total	218,123
Redeemable Preferred Stock [Member] | All Except for State Guaranteed Receivables [Member]
Note 4 - Investments (Details) - Fixed Maturity Securities by Contractual Maturity [Line Items]
Securities Without Single Maturity Date	248,063
Securities Without Single Maturity Date	$ 218,123

Note 4 - Investments (Details30

Note 4 - Investments (Details) - Proceeds from Sales and Maturities of Investments in Available-for-sale - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Proceeds from Sales and Maturities of Investments in Available-for-sale [Abstract]
Proceeds from sales and maturities	$ 13,603,538	$ 19,194,823	$ 29,969,158	$ 36,423,802
Gross realized gains	606,915	611,566	857,095	785,376
Gross realized losses	$ (406)	$ (18,294)	$ (122,745)	$ (123,245)

Note 4 - Investments (Details31

Note 4 - Investments (Details) - Available-for-sale Securities - Change in Unrealized Gains (Losses) and Realized Gains (Losses) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Securities available-for-sale:
Mortgage loans on real estate			$ 75,915
Investments in convertible options	$ (5,529)		(5,529)
Debt Securities [Member]
Securities available-for-sale:
Change in unrealized investment gains (losses)	(2,751,428)	$ (4,179,008)	(8,248,903)	$ 9,722,385
Securities available-for-sale:
Realized investment gains (losses)		593,895	90,859	662,083
Equity Securities [Member]
Securities available-for-sale:
Change in unrealized investment gains (losses)	(721,896)	(84,323)	(1,095,334)	591,158
Securities available-for-sale:
Realized investment gains (losses)	$ 606,509	$ (623)	$ 643,491	$ 48

Note 4 - Investments (Details32

Note 4 - Investments (Details) - Mortgage Loans by State - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	$ 32,663,124	$ 29,459,436
ILLINOIS
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	5,900,430	3,392,446
TEXAS
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	5,842,343	2,290,700
FLORIDA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	4,067,765	6,047,236
CALIFORNIA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	3,373,985	4,806,451
KENTUCKY
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	3,299,038	3,492,854
GEORGIA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	2,652,028	3,123,530
OHIO
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	1,721,232	1,805,093
TENNESSEE
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	923,652	1,054,671
ARIZONA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	775,755	927,600
INDIANA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	763,433	95,434
MISSOURI
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	530,176	267,996
WEST VIRGINIA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	419,536	440,725
PENNSYLVANIA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	374,790
NEVADA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	374,363
NORTH CAROLINA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	356,727	359,308
NEW JERSEY
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	248,979	252,612
SOUTH CAROLINA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	230,163	248,815
COLORADO
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	223,109	225,772
MASSACHUSETTS
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	208,908	239,399
IDAHO
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	163,001	174,433
KANSAS
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	135,639	136,442
UTAH
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	$ 78,072	$ 77,919

Note 4 - Investments (Details33

Note 4 - Investments (Details) - State-guaranteed Receivables by Contractual Maturity - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Note 4 - Investments (Details) - State-guaranteed Receivables by Contractual Maturity [Line Items]
Total	$ 7,719,144	$ 7,917,379
Total	9,167,313	$ 9,719,006
State-Guaranteed Receivables [Member]
Note 4 - Investments (Details) - State-guaranteed Receivables by Contractual Maturity [Line Items]
Due in one year or less	714,500
Due in one year or less	723,349
Due after one year through five years	2,620,123
Due after one year through five years	2,848,554
Due after five years through ten years	3,055,607
Due after five years through ten years	3,746,986
Due after ten years	1,328,914
Due after ten years	1,848,424
Total	7,719,144
Total	$ 9,167,313

Note 4 - Investments (Details34

Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	$ 7,719,144	$ 7,917,379
NEW YORK
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	3,483,293	3,694,805
MASSACHUSETTS
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	1,995,344	1,969,570
GEORGIA
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	1,454,579	1,467,774
PENNSYLVANIA
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	315,729	299,851
TEXAS
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	239,867	227,649
CALIFORNIA
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	177,173	188,131
OHIO
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	$ 53,159	$ 69,599

Note 4 - Investments (Details35

Note 4 - Investments (Details) - Net Investment Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net Investment Income [Line Items]
Gross investment income	$ 5,386,705	$ 5,696,868	$ 16,545,622	$ 16,557,264
Investment expenses	148,668	303,574	744,725	910,364
Net investment income	5,238,037	5,393,294	15,800,897	15,646,900
Fixed Maturities [Member]
Net Investment Income [Line Items]
Gross investment income	4,517,133	4,930,579	13,713,883	14,369,420
Equity Securities [Member]
Net Investment Income [Line Items]
Gross investment income	55,400	58,733	192,180	186,211
Mortgages [Member]
Net Investment Income [Line Items]
Gross investment income	545,945	391,596	1,730,040	1,048,296
Policy Loans [Member]
Net Investment Income [Line Items]
Gross investment income	126,798	121,585	368,784	356,962
State-Guaranteed Receivables [Member]
Net Investment Income [Line Items]
Gross investment income	134,770	137,889	413,045	422,403
Convertible Debt Securities [Member]
Net Investment Income [Line Items]
Gross investment income	(41,082)		(41,082)
Other Long-term Investments [Member]
Net Investment Income [Line Items]
Gross investment income	$ 47,741	$ 56,486	$ 168,772	$ 173,972

Note 5 - Fair Values of Finan36

Note 5 - Fair Values of Financial Instruments (Details)	Sep. 30, 2015
Private Equity Investment [Member]
Note 5 - Fair Values of Financial Instruments (Details) [Line Items]
Number of Level 3 Investments Reported at Fair Value	1

Note 5 - Fair Values of Finan37

Note 5 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fixed maturities:
Securities available-for-sale	$ 421,634,078	$ 437,523,297
Mortgage-backed securities:
Investments in convertible options	663,950
US Government Agencies Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	24,713,899	28,868,011
US States and Political Subdivisions Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	42,066,310	44,007,246
Corporate Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	233,914,334	239,038,512
Foreign [Member]
Fixed maturities:
Securities available-for-sale	65,136,451	65,975,213
Asset-backed Securities [Member]
Fixed maturities:
Securities available-for-sale	301,960	1,466,497
Commercial Mortgage Backed Securities [Member]
Fixed maturities:
Securities available-for-sale	7,126,839	8,136,186
Residential Mortgage Backed Securities [Member]
Fixed maturities:
Securities available-for-sale	40,815,457	42,625,813
Redeemable Preferred Stock [Member]
Fixed maturities:
Securities available-for-sale	218,123
Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	414,293,373	430,117,478
US Agencies [Member]
Fixed maturities:
Securities available-for-sale	707,900	707,900
Mutual Funds [Member]
Fixed maturities:
Securities available-for-sale	304,709	358,322
Common Stock [Member]
Fixed maturities:
Securities available-for-sale	6,328,096	6,339,597
Equity Securities [Member]
Fixed maturities:
Securities available-for-sale	7,340,705	7,405,819
Fair Value, Inputs, Level 1 [Member] | US Agencies [Member]
Fixed maturities:
Securities available-for-sale	707,900	707,900
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member]
Fixed maturities:
Securities available-for-sale	304,709	358,322
Fair Value, Inputs, Level 1 [Member] | Common Stock [Member]
Fixed maturities:
Securities available-for-sale	5,976,096	5,955,597
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member]
Fixed maturities:
Securities available-for-sale	6,988,705	7,021,819
Fair Value, Inputs, Level 2 [Member]
Mortgage-backed securities:
Investments in convertible options	663,950
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	24,713,899	28,868,011
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	42,066,310	44,007,246
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	233,914,334	239,038,512
Fair Value, Inputs, Level 2 [Member] | Foreign [Member]
Fixed maturities:
Securities available-for-sale	65,136,451	65,975,213
Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member]
Fixed maturities:
Securities available-for-sale	301,960	1,466,497
Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member]
Fixed maturities:
Securities available-for-sale	7,126,839	8,136,186
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member]
Fixed maturities:
Securities available-for-sale	40,815,457	42,625,813
Fair Value, Inputs, Level 2 [Member] | Redeemable Preferred Stock [Member]
Fixed maturities:
Securities available-for-sale	218,123
Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	414,293,373	430,117,478
Fair Value, Inputs, Level 3 [Member] | Common Stock [Member]
Fixed maturities:
Securities available-for-sale	352,000	384,000
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member]
Fixed maturities:
Securities available-for-sale	$ 352,000	$ 384,000

Note 5 - Fair Values of Finan38

Note 5 - Fair Values of Financial Instruments (Details) - Changes in Fair Value of Level 3 Financial Instruments - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Corporate common stock:
Beginning balance	$ 352,000	$ 384,000	$ 384,000	$ 384,000
Total gains or losses:
Included in other comprehensive income	0	0	(32,000)	0
Ending balance	$ 352,000	$ 384,000	$ 352,000	$ 384,000

Note 5 - Fair Values of Finan39

Note 5 - Fair Values of Financial Instruments (Details) - Estimated Fair Values of Financial Instruments - USD ($)	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Mortgage loans on real estate:
Mortgage loans on real estate	$ 32,663,124	$ 29,459,436
Policy loans	6,784,617	6,665,493
Policy loans, fair value	6,784,617	6,665,493
State-guaranteed receivables	7,719,144	7,917,379
State-guaranteed receivables, fair value	9,167,313	9,719,006
Other invested assets	2,646,099	3,270,848
Other invested assets, fair value	2,646,099	3,270,848
Cash and cash equivalents	8,979,130	1,870,867	$ 11,743,411	$ 4,143,291
Cash and cash equivalents, fair value	8,979,130	1,870,867
Accrued investment income	4,451,587	5,190,740
Accrued investment income, fair value	4,451,587	5,190,740
Cash value of company-owned life insurance	13,209,476	12,441,833
Cash value of company-owned life insurance, fair value	13,209,476	12,441,833
Liabilities:
Policyholder deposits (Investment-type contracts)	52,736,316	53,318,598
Policyholder deposits (Investment-type contracts), fair value	55,141,396	55,486,262
Policy claims	2,681,040	2,821,106
Policy claims, fair value	2,681,040	2,821,106
Obligations under capital leases	462,385	553,028
Obligations under capital leases, fair value	462,385	553,028
Notes payable	1,809,760	2,508,576
Notes payable, fair value	1,809,760	2,508,576
Commercial Mortgage [Member]
Mortgage loans on real estate:
Mortgage loans on real estate	10,926,869	12,961,492
Mortgage loans on real estate, fair value	11,381,087	13,693,557
Residential Mortgage [Member]
Mortgage loans on real estate:
Mortgage loans on real estate	21,736,255	16,497,944
Mortgage loans on real estate, fair value	23,700,043	18,392,927
Fair Value, Inputs, Level 1 [Member]
Mortgage loans on real estate:
Cash and cash equivalents, fair value	8,979,130	1,870,867
Fair Value, Inputs, Level 2 [Member]
Mortgage loans on real estate:
State-guaranteed receivables, fair value	9,167,313	9,719,006
Fair Value, Inputs, Level 3 [Member]
Mortgage loans on real estate:
Policy loans	6,784,617	6,665,493
Policy loans, fair value	6,784,617	6,665,493
Other invested assets	2,646,099	3,270,848
Other invested assets, fair value	2,646,099	3,270,848
Accrued investment income	4,451,587	5,190,740
Accrued investment income, fair value	4,451,587	5,190,740
Cash value of company-owned life insurance	13,209,476	12,441,833
Cash value of company-owned life insurance, fair value	13,209,476	12,441,833
Liabilities:
Policyholder deposits (Investment-type contracts), fair value	55,141,396	55,486,262
Policy claims	2,681,040	2,821,106
Policy claims, fair value	2,681,040	2,821,106
Obligations under capital leases	462,385	553,028
Obligations under capital leases, fair value	462,385	553,028
Notes payable, fair value	1,809,760	2,508,576
Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage [Member]
Mortgage loans on real estate:
Mortgage loans on real estate, fair value	11,381,087	13,693,557
Fair Value, Inputs, Level 3 [Member] | Residential Mortgage [Member]
Mortgage loans on real estate:
Mortgage loans on real estate, fair value	$ 23,700,043	$ 18,392,927

Note 6 - Earnings Per Share (De

Note 6 - Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Weighted Average Number of Shares Outstanding, Basic	1,117,605	1,125,247	1,121,130	1,127,006

Note 7 - Segment Data (Details)

Note 7 - Segment Data (Details)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Number of Operating Segments	4

Note 7 - Segment Data (Detail42

Note 7 - Segment Data (Details) - Segments by Operating Information - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue:
Revenue	$ 18,413,629	$ 18,704,732	$ 52,978,724	$ 53,559,578
Pre-tax income (loss) from operations:
Pre-tax income (loss) from operations	1,035,480	1,262,732	544,600	1,487,967
Preneed and Burial Products [Member]
Revenue:
Revenue	13,064,662	12,737,829	37,451,666	36,329,237
Pre-tax income (loss) from operations:
Pre-tax income (loss) from operations	590,199	487,638	(309,668)	128,924
Traditional and Universal Life Products [Member]
Revenue:
Revenue	4,763,360	5,456,879	13,859,163	15,554,141
Pre-tax income (loss) from operations:
Pre-tax income (loss) from operations	364,982	687,998	640,179	969,175
Administrative and Financial Services [Member]
Revenue:
Revenue	397,378	275,076	1,037,432	901,085
Pre-tax income (loss) from operations:
Pre-tax income (loss) from operations	83,689	90,797	201,412	204,706
Corporate and Other [Member]
Revenue:
Revenue	188,229	234,948	630,463	775,115
Pre-tax income (loss) from operations:
Pre-tax income (loss) from operations	$ (3,390)	$ (3,701)	$ 12,677	$ 185,162

Note 8 - Federal Income Taxes (

Note 8 - Federal Income Taxes (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
Note 8 - Federal Income Taxes (Details) [Line Items]
Unrecognized Tax Benefits	$ 0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 0
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member]
Note 8 - Federal Income Taxes (Details) [Line Items]
Open Tax Year	2,012
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member]
Note 8 - Federal Income Taxes (Details) [Line Items]
Open Tax Year	2,014

Note 9 - Other Comprehensive 44

Note 9 - Other Comprehensive Income (Loss) (Details) - Other Comprehensive Income (Loss) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Change in net unrealized gains on available-for-sale securities:
Unrealized holding gains (losses) arising during period, pretax		$ (2,866,815)	$ (3,670,059)	$ (8,609,887)	$ 10,975,674
Unrealized holding gains (losses) arising during period, tax		(1,106,939)	(1,366,178)	(3,068,836)	3,603,731
Unrealized holding gains (losses) arising during period, net of tax		(1,759,876)	(2,303,881)	(5,541,051)	7,371,943
Reclassification adjustment for losses (gains) included in income, pretax	[1]	(606,509)	(593,272)	(734,350)	(662,131)
Reclassification adjustment for losses (gains) included in income, tax	[2]	(73,993)	(83,355)	(108,206)	(97,127)
Reclassification adjustment for losses (gains) included in income, net of tax		(532,516)	(509,917)	(626,144)	(565,004)
Adjustment for effect of deferred acquisition costs, pretax		93,198	126,140	257,145	(252,382)
Adjustment for effect of deferred acquisition costs, tax		31,688	42,887	87,430	(85,810)
Adjustment for effect of deferred acquisition costs, net of tax		61,510	83,253	169,715	(166,572)
Net unrealized gains (losses) on investments, pretax		(3,380,126)	(4,137,191)	(9,087,092)	10,061,161
Net unrealized gains (losses) on investments, tax		(1,149,244)	(1,406,646)	(3,089,612)	3,420,794
Net unrealized gains (losses) on investments, net of tax		(2,230,882)	(2,730,545)	(5,997,480)	6,640,367
Change in defined benefit pension plan:
Amortization of actuarial net loss in net periodic pension cost, pretax	[3]	190,559	97,604	571,675	292,810
Amortization of actuarial net loss in net periodic pension cost, tax	[2]	64,790	33,185	194,370	99,555
Amortization of actuarial net loss in net periodic pension cost, net of tax		125,769	64,419	377,305	193,255
Total other comprehensive income (loss), pretax		(3,189,567)	(4,039,587)	(8,515,417)	10,353,971
Total other comprehensive income (loss), tax		(1,084,454)	(1,373,461)	(2,895,242)	3,520,349
Total other comprehensive income (loss), net of tax		$ (2,105,113)	$ (2,666,126)	$ (5,620,175)	$ 6,833,622
[1]	These items appear within net realized gains on investments in the consolidated income statements.
[2]	These items appear within federal income taxes in the consolidated income statements.
[3]	These items are included in the computation of net periodic pension cost (see Note 10).

Note 9 - Other Comprehensive 45

Note 9 - Other Comprehensive Income (Loss) (Details) - Accumulated Other Comprehensive Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			$ 12,704,319	$ 6,751,991
Other comprehensive income (loss) before reclassifications			(5,371,336)	7,205,371
Amounts reclassified from accumulated other comprehensive income	$ (406,747)	$ (445,498)	(248,839)	(371,749)
Net current period other comprehensive income (loss)			(5,620,175)	6,833,622
Ending balance	7,084,144	13,585,613	7,084,144	13,585,613
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			17,743,407	9,916,148
Other comprehensive income (loss) before reclassifications			(5,371,336)	7,205,371
Amounts reclassified from accumulated other comprehensive income			(626,144)	(565,004)
Net current period other comprehensive income (loss)			(5,997,480)	6,640,367
Ending balance	11,745,927	16,556,515	11,745,927	16,556,515
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			(5,039,088)	(3,164,157)
Amounts reclassified from accumulated other comprehensive income			377,305	193,255
Net current period other comprehensive income (loss)			377,305	193,255
Ending balance	$ (4,661,783)	$ (2,970,902)	$ (4,661,783)	$ (2,970,902)

Note 9 - Other Comprehensive 46

Note 9 - Other Comprehensive Income (Loss) (Details) - Amounts Reclassified from AOCI to Income - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Unrealized gains on available-for-sale securities:
Realized gains on sale of securities (a)	[1]	$ 606,509	$ 593,272	$ 734,350	$ 662,131
Income tax expense (c)	[2]	(73,993)	(83,355)	(108,206)	(97,127)
Net of tax		532,516	509,917	626,144	565,004
Defined benefit pension plan:
Amortization of actuarial net loss (b)	[3]	(190,559)	(97,604)	(571,675)	(292,810)
Income tax benefit (c)	[2]	64,790	33,185	194,370	99,555
Net of tax		(125,769)	(64,419)	(377,305)	(193,255)
Total reclassifications for the period		$ 406,747	$ 445,498	$ 248,839	$ 371,749
[1]	These items appear within net realized gains on investments in the consolidated income statements.
[2]	These items appear within federal income taxes in the consolidated income statements.
[3]	These items are included in the computation of net periodic pension cost (see Note 10).

Note 10 - Employee Benefit Pl47

Note 10 - Employee Benefit Plans (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
Compensation and Retirement Disclosure [Abstract]
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year	$ 300,000
Defined Benefit Plan, Contributions by Employer	$ 225,000

Note 10 - Employee Benefit Pl48

Note 10 - Employee Benefit Plans (Details) - Net Periodic Benefit Cost - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net Periodic Benefit Cost [Abstract]
Interest cost	$ 222,565	$ 261,263	$ 667,697	$ 783,791
Expected return on plan assets	(293,069)	(299,418)	(879,208)	(898,255)
Recognized actuarial net loss	190,559	97,604	571,675	292,810
Net periodic pension cost	$ 120,055	$ 59,449	$ 360,164	$ 178,346

Note 11 - Notes Payable (Detail

Note 11 - Notes Payable (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
Operating Line of Credit [Member]
Note 11 - Notes Payable (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 150,000
At Need Funding, LLC [Member]
Note 11 - Notes Payable (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,500,000
Prime Rate [Member] | Operating Line of Credit [Member]
Note 11 - Notes Payable (Details) [Line Items]
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum	3.25%
Prime Rate [Member] | At Need Funding, LLC [Member]
Note 11 - Notes Payable (Details) [Line Items]
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum	3.25%