UTG (UTGN) 10-K 25 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Jan. 31, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	000-16867
Entity Registrant Name	UTG, INC.
Entity Central Index Key	0000832480
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-2907892
Entity Address, Address Line One	205 North Depot Street
Entity Address, City or Town	Stanford
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40484
City Area Code	217
Local Phone Number	241-6300
Title of 12(g) Security	Common Stock, stated value $.001 per share
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 29,565,258
Entity Common Stock, Shares Outstanding		3,165,631
Auditor Firm ID	32
Auditor Name	Armanino LLP
Auditor Location	St. Louis, Missouri

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Investments available for sale:
Fixed maturities, at fair value (amortized cost $127,949,963 and $146,017,864)	$ 140,963,881	$ 165,779,997
Equity securities, at fair value (cost $68,403,168 and $36,833,795 )	122,229,121	78,075,187
Equity securities, at cost	14,543,343	14,389,189
Mortgage loans on real estate at amortized cost	29,183,562	20,802,365
Investment real estate, net	39,748,261	38,086,391
Notes receivable	17,722,976	17,682,296
Policy loans	7,390,497	8,590,524
Total investments	371,781,641	343,405,949
Cash and cash equivalents	30,787,278	39,025,754
Accrued investment income	1,264,159	1,341,643
Reinsurance receivables:
Future policy benefits	24,740,562	25,267,920
Policy claims and other benefits	4,426,997	3,988,088
Cost of insurance acquired	3,386,501	4,101,471
Property and equipment, net of accumulated depreciation	0	348,170
Income taxes receivable	975,373	0
Other assets	1,097,246	1,577,098
Total assets	438,459,757	419,056,093
Policy liabilities and accruals:
Future policy benefits	235,367,680	243,990,881
Policy claims and benefits payable	3,941,305	4,169,569
Other policyholder funds	345,248	365,761
Dividend and endowment accumulations	14,686,166	14,836,158
Income taxes payable	0	268,497
Deferred income taxes	13,680,396	12,995,714
Notes payable	24,000,000	0
Trading securities, at fair value (proceeds $2,202 and $11,246)	1,116	12,219
Other liabilities	5,193,039	5,275,803
Total liabilities	297,214,950	281,914,602
Shareholders' equity:
Common stock - no par value, stated value $0.001 per share. Authorized 7,000,000 shares - 3,166,669 and 3,175,564 shares issued and outstanding	3,167	3,176
Additional paid-in capital	32,780,587	33,025,018
Retained earnings	97,731,347	88,068,284
Accumulated other comprehensive income	10,253,151	15,584,241
Total UTG shareholders' equity	140,768,252	136,680,719
Noncontrolling interests	476,555	460,772
Total shareholders' equity	141,244,807	137,141,491
Total liabilities and shareholders' equity	$ 438,459,757	$ 419,056,093

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Investments available for sale:
Fixed maturities, amortized cost	$ 127,949,963	$ 146,017,864
Equity securities, cost	68,403,168	36,833,795
Liabilities:
Trading securities, proceeds	$ 2,202	$ 11,246
Shareholders' equity:
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, stated value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	7,000,000	7,000,000
Common stock, issued (in shares)	3,166,669	3,175,564
Common stock, outstanding (in shares)	3,166,669	3,175,564

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue:
Premiums and policy fees	$ 9,080,039	$ 9,256,945
Ceded reinsurance premiums and policy fees	(2,680,050)	(2,725,303)
Net investment income	9,050,325	9,528,948
Other income	412,982	343,467
Revenue before net investment gains (losses)	15,863,296	16,404,057
Net investment gains (losses):
Other-than-temporary impairments	(393,455)	0
Other realized investment gains, net	6,021,653	4,645,699
Change in fair value of equity securities	14,121,883	6,208,148
Total net investment gains	19,750,081	10,853,847
Total revenues	35,613,377	27,257,904
Benefits, claims and settlement expenses:
Life	17,137,166	17,265,646
Ceded reinsurance benefits and claims	(2,380,366)	(2,399,361)
Annuity	993,937	1,015,308
Dividends to policyholders	324,543	333,331
Commissions	(121,287)	(129,835)
Amortization of cost of insurance acquired	714,970	744,850
Operating expenses	7,115,530	7,870,909
Interest expense	4,051	0
Total benefits and other expenses	23,788,544	24,700,848
Income before income taxes	11,824,833	2,557,056
Income tax expense	2,069,673	340,494
Net income	9,755,160	2,216,562
Net income attributable to noncontrolling interests	(92,097)	(127,956)
Net income attributable to common shareholders	$ 9,663,063	$ 2,088,606
Amounts attributable to common shareholders
Basic income per share (in dollars per share)	$ 3.05	$ 0.65
Diluted income per share (in dollars per share)	$ 3.05	$ 0.65
Basic weighted average shares outstanding (in shares)	3,171,919	3,233,773
Diluted weighted average shares outstanding (in shares)	3,171,919	3,233,773

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income	$ 9,755,160	$ 2,216,562
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during period, pre-tax	(7,085,803)	9,065,958
Tax (expense) benefit on unrealized holding gains (losses) arising during the period	1,488,019	(1,903,851)
Unrealized holding gains (losses) arising during period, net of tax	(5,597,784)	7,162,107
Less reclassification adjustment for (gains) losses included in net income	337,587	(703,519)
Tax expense (benefit) for (gains) losses included in net income	(70,893)	147,739
Reclassification adjustment for (gains) losses included in net income, net of tax	266,694	(555,780)
Subtotal: Other comprehensive income (loss), net of tax	(5,331,090)	6,606,327
Comprehensive income	4,424,070	8,822,889
Less comprehensive income attributable to noncontrolling interests	(92,097)	(127,956)
Comprehensive income attributable to UTG, Inc.	$ 4,331,973	$ 8,694,933

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2019	$ 3,279	$ 36,012,401	$ 85,979,678	$ 8,977,914	$ 523,634	$ 131,496,906
Common stock issued during year	11	325,657	0	0	0	325,668
Treasury shares acquired and retired	(114)	(3,313,040)	0	0	0	(3,313,154)
Net income attributable to common shareholders	0	0	2,088,606	0	0	2,088,606
Unrealized holding gain (loss) on securities net of noncontrolling interest and reclassification adjustment and taxes	0	0	0	6,606,327	0	6,606,327
Distributions	0	0	0	0	(190,818)	(190,818)
Gain attributable to noncontrolling interest	0	0	0	0	127,956	127,956
Balance at Dec. 31, 2020	3,176	33,025,018	88,068,284	15,584,241	460,772	137,141,491
Common stock issued during year	10	292,929	0	0	0	292,939
Treasury shares acquired and retired	(19)	(537,360)	0	0	0	(537,379)
Net income attributable to common shareholders	0	0	9,663,063	0	0	9,663,063
Unrealized holding gain (loss) on securities net of noncontrolling interest and reclassification adjustment and taxes	0	0	0	(5,331,090)	0	(5,331,090)
Distributions	0	0	0	0	(76,314)	(76,314)
Gain attributable to noncontrolling interest	0	0	0	0	92,097	92,097
Balance at Dec. 31, 2021	$ 3,167	$ 32,780,587	$ 97,731,347	$ 10,253,151	$ 476,555	$ 141,244,807

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 9,755,160	$ 2,216,562
Adjustments to reconcile net income to net cash used in operating activities:
Amortization (accretion) of investments	210,665	(48,539)
Other-than-temporary impairments	393,455	0
Realized investment gains, net	(6,021,653)	(4,645,699)
Change in fair value of equity securities	(14,121,883)	(6,208,148)
Unrealized trading (gains) losses included in income	(2,059)	973
Realized trading (gains) losses included in income	(20,509)	(3,894)
Amortization of cost of insurance acquired	714,970	744,850
Depreciation and depletion	2,757,522	1,697,285
Stock-based compensation	287,934	325,668
Charges for mortality and administration of universal life and annuity products	(6,325,818)	(6,355,601)
Interest credited to account balances	3,896,162	4,012,179
Change in accrued investment income	77,484	338,140
Change in reinsurance receivables	88,449	541,295
Change in policy liabilities and accruals	(5,470,342)	(2,285,473)
Change in income taxes receivable (payable)	(1,243,870)	(45,165)
Change in other assets and liabilities, net	2,570,898	(3,527,819)
Net cash used in operating activities	(12,453,435)	(13,243,386)
Proceeds from investments sold and matured:
Fixed maturities available for sale	21,581,106	23,924,989
Equity securities	5,892,777	18,281,727
Trading securities	41,708	(579)
Mortgage loans	12,270,055	707,274
Real estate	8,370,848	11,983,353
Notes receivable	8,639,320	5,305,162
Policy loans	2,503,273	1,256,793
Short-term investments	0	18,500,000
Total proceeds from investments sold and matured	59,299,087	79,958,719
Cost of investments acquired:
Fixed maturities available for sale	(4,078,459)	(9,048,928)
Equity securities	(32,991,005)	(15,362,440)
Trading securities	(30,243)	15,719
Mortgage loans	(20,634,252)	(13,213,037)
Real estate	(10,960,910)	(2,995,519)
Notes receivable	(8,680,000)	(3,500,000)
Policy loans	(1,303,246)	(1,043,441)
Short-term investments	0	(7,890,228)
Total cost of investments acquired	(78,678,115)	(53,037,874)
Sale of property and equipment	1,324,647	0
Net cash provided by (used in) investing activities	(18,054,381)	26,920,845
Cash flows from financing activities:
Policyholder contract deposits	4,466,422	4,408,039
Policyholder contract withdrawals	(5,588,394)	(4,343,401)
Proceeds from notes payable/line of credit	24,000,000	0
Purchase of treasury stock	(537,379)	(3,313,154)
Issuance of stock	5,005	0
Non controlling contributions/(distributions) of consolidated subsidiary	(76,314)	(190,818)
Net cash provided by (used in) financing activities	22,269,340	(3,439,334)
Net increase (decrease) in cash and cash equivalents	(8,238,476)	10,238,125
Cash and cash equivalents at beginning of period	39,025,754	28,787,629
Cash and cash equivalents at end of period	$ 30,787,278	$ 39,025,754

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 1 – Summary of Significant Accounting Policies Business During March 2020, a global pandemic was declared by the World Health Organization related to the rapidly growing outbreak of a novel strain of coronavirus (COVID-19). The pandemic has significantly impacted the economic conditions in the U.S. and globally, accelerating during the first half of March, as federal, state, and local governments reacted to the public health crisis, creating significant uncertainties in the U.S. economy. The Company has not experienced a slow-down in activities, however government restrictions and client-imposed delays are evaluated regularly and this could change. While the disruption is currently expected to be temporary, there is uncertainty around the duration. The Company cannot at this time predict the ultimate impact the pandemic will have on its results of operations, financial position, liquidity, or capital resources but such impact could be material. This document at times will refer to the Registrant’s largest shareholder, Mr. Jesse T. Correll and certain companies controlled by Mr. Correll. Mr. Correll holds a majority ownership of First Southern Funding, LLC (“FSF”), a Kentucky corporation, and First Southern Bancorp, Inc. (“FSBI”), a financial services holding company. FSBI operates through its 100% owned subsidiary bank, First Southern National Bank (“FSNB”). Banking activities are conducted through multiple locations within south-central and western Kentucky. Mr. Correll is Chief Executive Officer and Chairman of the Board of Directors of UTG and is currently UTG’s largest shareholder through his ownership control of FSF, FSBI and affiliates. At December 31, 2021, Mr. Correll owns or controls directly and indirectly approximately 65% of UTG’s outstanding stock. UTG’s life insurance subsidiary has several wholly-owned and majority-owned subsidiaries. The subsidiaries were formed to hold certain real estate and other investments. The investments were placed into the limited liability companies and partnerships to provide additional protection to the policyholders and to UG. Basis of Presentation Principles of Consolidation Business Segments Investments Fixed Maturity Investments Equity Securities at Fair Value Equity Securities at Cost Mortgage Loans on Real Estate Investment Real Estate Notes Receivable Policy Loans Short-Term Investments Gains and Losses Fair Value Impairment of Investments Current accounting guidance states that if an entity intends to sell or if it is more likely than not that it will be required to sell an impaired security prior to recovery of its cost basis, the security is to be considered other-than-temporarily impaired and the full amount of impairment must be charged to earnings. Otherwise, losses on fixed maturities which are other-than-temporarily impaired are separated into two categories, the portion of the loss which is considered credit loss and the portion of the loss which is due to other factors. The credit loss portion is charged to earnings while the loss due to other factors is charged to other comprehensive income. Cash Equivalents Cash Reinsurance Reinsurance receivables are recognized in a manner consistent with the liabilities relating to the underlying reinsured contracts. The cost of reinsurance related to long-duration contracts is accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies. Cost of Insurance Acquired - Property and Equipment Future Policy Benefits and Expenses Benefit reserves for universal life insurance and interest sensitive life insurance products are computed under a retrospective deposit method and represent policy account balances before applicable surrender charges. Policy benefits and claims that are charged to expense include benefit claims in excess of related policy account balances. Interest crediting rates for universal life and interest sensitive products range from 3.0% to 6.0% as of December 31, 2021 and 2020. Policy Claims and Benefits Payable Income Taxes Earnings Per Share Recognition of Revenues and Related Expenses Recently Issued Accounting Standards In November of 2020, the FASB issued Accounting Standards Update No. 2020-11, Financial Services-Insurance (Topic 944): Effective Date and Early Application. In January of 2020, the FASB issued Accounting Standards Update No. 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 In December of 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In August 2018, the FASB issued Accounting Standards Update No. 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts Accounting Standards Update (ASU 2016-13), Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments – The amendments included in ASU 2016-13 require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better evaluate their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 was originally effective for public companies for fiscal years beginning after December 15, 2019. In November of 2019, the FASB issued Accounting Standards Update No. 2019-10, which delayed the implementation of ASU 2016-13 to fiscal years beginning after December 15, 2022 for smaller reporting companies. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements.

Investments

Investments	12 Months Ended
	Dec. 31, 2021
Investments [Abstract]
Investments	Note 2 – Investments Available for Sale Securities – Fixed Maturity Securities The Company’s insurance subsidiary is regulated by insurance statutes and regulations as to the type of investments they are permitted to make, and the amount of funds that may be used for any one type of investment. Investments in available for sale securities are summarized as follows for the years ended December 31: 2021 Original or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investments available for sale: Fixed maturities U.S. Government and govt. agencies and authorities $ 25,312,358 $ 355,623 $ (17,078 ) $ 25,650,903 U.S. special revenue and assessments 7,540,867 982,668 0 8,523,535 All other corporate bonds 95,096,738 11,692,705 0 106,789,443 Total $ 127,949,963 $ 13,030,996 $ (17,078 ) $ 140,963,881 2020 Original or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investments available for sale: Fixed maturities U.S. Government and govt. agencies and authorities $ 36,285,535 $ 1,186,999 $ 0 $ 37,472,534 U.S. special revenue and assessments 11,556,980 1,382,164 0 12,939,144 All other corporate bonds 98,175,349 17,604,617 (411,647 ) 115,368,319 Total $ 146,017,864 $ 20,173,780 $ (411,647 ) $ 165,779,997 The amortized cost and estimated market value of debt securities at December 31, 2021, by contractual maturity, is shown 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. Fixed Maturities Available for Sale December 31, 2021 Amortized Cost Estimated Fair Value Due in one year or less $ 13,013,136 $ 13,149,867 Due after one year through five years 45,292,927 47,621,088 Due after five years through ten years 20,642,013 23,253,284 Due after ten years 22,169,876 25,273,390 Fixed maturities with no single maturity date 26,832,011 31,666,252 Total $ 127,949,963 $ 140,963,881 By insurance statute, the majority of the Company’s investment portfolio is invested in investment grade securities to provide ample protection for policyholders. Below investment grade debt securities generally provide higher yields and involve greater risks than investment grade debt securities because their issuers typically are more highly leveraged and more vulnerable to adverse economic conditions than investment grade issuers. In addition, the trading market for these securities is usually more limited than for investment grade debt securities. Debt securities classified as below-investment grade are those that receive a Standard & Poor’s rating of BB+ or below. The Company held below investment grade investments with an estimated market value of $0 as of December 31, 2021 and December 31, 2020. The fair value of investments with sustained gross unrealized losses are as follows as of December 31: 2021 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses U.S. Government and govt. agencies and authorities $ 4,042,825 (17,078) $ 0 0 $ 4,042,825 (17,078) Total fixed maturities $ 4,042,825 (17,078) $ 0 0 $ 4,042,825 (17,078) 2020 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses All other corporate bonds $ 4,937 (63) $ 0 (411,584) $ 4,937 (411,647) Total fixed maturities $ 4,937 (63) $ 0 (411,584) $ 4,937 (411,647) The following table provides additional information regarding the number of securities that were in an unrealized loss position for greater than or less than twelve months: Less than 12 months 12 months or longer Total As of December 31, 2021 Fixed maturities 3 0 3 As of December 31, 2020 Fixed maturities 1 1 2 Substantially all of the unrealized losses on fixed maturities available for sale at December 31, 2021 and 2020 are attributable to changes in market interest rates and general disruptions in the credit market subsequent to purchase. The Company does not currently intend to sell nor does it expect to be required to sell any of the securities in an unrealized loss position. Based upon the Company’s expected continuation of receipt of contractually required principal and interest payments and its intent and ability to retain the securities until price recovery, as well as the Company’s evaluation of other relevant factors, the Company deems these securities to be temporarily impaired as of December 31, 2021 and 2020. Cost Method Investments The Company held equity investments with an aggregate cost of $14,543,343 and $14,389,189 at December 31, 2021 and 2020, respectively. These equity investments were not reported at fair value because it is not practicable to estimate their fair values due to insufficient information being available. Management did not identify any events or changes in circumstances that might have a significant adverse effect on the reported value of those investments. Based on Management’s evaluation of the expected cash flow of the investments, and the Company’s ability and intent to hold the investments for a reasonable period of time, the Company does not deem an other-than-temporary impairment necessary at December 31, 2021. Trading Securities Securities designated as trading securities are reported at fair value, with gains or losses resulting from changes in fair value recognized in net investment income on the Consolidated Statements of Operations. Trading Securities included exchange-traded equities and exchange-traded options. Trading securities carried as liabilities were securities sold short. A gain, limited to the price at which the security was sold short, or a loss, potentially unlimited in size, will be recognized upon the termination of the short sale. The fair value of derivatives included in trading security assets and trading security liabilities as of December 31, 2021 was $0 and $1,116, respectively. The fair value of derivatives included in trading security assets and trading security liabilities as of December 31, 2020 was $0 and $12,219, respectively. Earnings from trading securities are classified in cash flows from operating activities. The derivatives held by the Company are for income generation purposes only. The following table reflects trading securities revenue charged to net investment income for the periods ended December 31: 2021 2020 Net unrealized gains (losses) $ 2,059 $ (973 ) Net realized gains (losses) 20,509 3,894 Net unrealized and realized gains (losses) $ 22,568 $ 2,921 Mortgage Loans The Company, from time to time, acquires mortgage loans through participation agreements with FSNB. FSNB has been able to provide the Company with additional expertise and experience in underwriting commercial and residential mortgage loans, which provide more attractive yields than the traditional bond market. The Company is able to receive participations from FSNB for three primary reasons: 1) FSNB has already reached its maximum lending limit to a single borrower, but the borrower is still considered a suitable risk; 2) the interest rate on a particular loan may be fixed for a long period that is more suitable for UG given its asset-liability structure; and 3) FSNB’s loan growth might at times outpace its deposit growth, resulting in FSNB participating such excess loan growth rather than turning customers away. For originated loans, the Company’s Management is responsible for the final approval of such loans after evaluation. Before a new loan is issued, the applicant is subject to certain criteria set forth by Company Management to ensure quality control. These criteria include, but are not limited to, a credit report, personal financial information such as outstanding debt, sources of income, and personal equity. Once the loan is approved, the Company directly funds the loan to the borrower. The Company bears all risk of loss associated with the terms of the mortgage with the borrower. During 2021 and 2020, the Company acquired $20,634,252 and $13,213,037 in mortgage loans, respectively. FSNB services the majority of the Company’s mortgage loan portfolio. The Company pays FSNB a 0.25% servicing fee on these loans and a one-time fee at loan origination of 0.50% of the original loan cost to cover costs incurred by FSNB relating to the processing and establishment of the loan. During 2021 and 2020, the maximum and minimum lending rates for mortgage loans were: 2021 2020 Maximum rate Minimum rate Maximum rate Minimum rate Farm loans 6.00 % 4.50 % 4.50 % 4.50 % Commercial loans 5.50 % 4.10 % 5.25 % 4.24 % Residential loans 5.00 % 4.15 % 4.95 % 4.95 % Most mortgage loans are first position loans. Loans issued are generally limited to no more than 80% of the appraised value of the property. The Company has in place a monitoring system to provide Management with information regarding potential troubled loans. Letters are sent to each mortgagee when the loan becomes 30 days or more delinquent. Management is provided with a monthly listing of loans that are 60 days or more past due. All loans 90 days or more past due are placed on a non-performing status and classified as delinquent loans. Quarterly, coinciding with external financial reporting, the Company reviews each delinquent loan and determines how each delinquent loan should be classified. Management believes the current internal controls surrounding the mortgage loan selection process provide a quality portfolio with minimal risk of foreclosure and/or negative financial impact. Changes in the current economy could have a negative impact on the loans, including the financial stability of the borrowers, the borrowers’ ability to pay or to refinance, the value of the property held as collateral and the ability to find purchasers at favorable prices. Interest accruals are analyzed based on the likelihood of repayment. In no event will interest continue to accrue when accrued interest along with the outstanding principal exceeds the net realizable value of the property. The Company does not utilize a specified number of days delinquent to cause an automatic non-accrual status. A mortgage loan reserve is established and adjusted based on Management’s quarterly analysis of the portfolio and any deterioration in value of the underlying property which would reduce the net realizable value of the property below its current carrying value. The mortgage loan reserve was $0 at December 31, 2021 and 2020. The following table summarizes the mortgage loan holdings of the Company for the periods ended December 31: 2021 2020 In good standing $ 27,102,789 $ 18,704,351 Overdue interest over 90 days 2,080,773 2,098,014 Total mortgage loans $ 29,183,562 $ 20,802,365 Total foreclosed loans during the year $ 0 $ 0 Investment Real Estate Real estate held-for-investment is stated at cost less accumulated depreciation. Depreciation is computed on a straight-line-basis for financial reporting purposes using estimated useful lives of 3 to 30 years. The Company periodically reviews its real estate held-for-investment for impairment and tests for recoverability whenever events or changes in circumstances indicate the carrying value may not be recoverable. During 2021 and 2020, no impairments were recognized on the investment real estate. Note 3 - Fair Value Measurements of the Consolidated Financial Statements provides further information regarding the fair value of financial instruments that are not measured at fair value. The investment real estate owned by the Company is included in this portion of the Note 3 - Fair Value Measurements disclosure. The following table provides an allocation of the Company’s investment real estate by type for the periods ended December 31: 2021 2020 Raw land $ 14,538,507 $ 11,727,103 Commercial 4,347,423 3,530,064 Residential 3,813,936 2,797,648 Land, minerals and royalty interests 17,048,395 20,031,576 Total investment real estate $ 39,748,261 $ 38,086,391 The Company’s investment real estate portfolio includes ownership in oil and gas royalties. As of December 31, 2021 and 2020, investments in oil and gas royalties represented 43% and 48%, respectively, of the total investment real estate portfolio. See Note 13 - Concentrations of the Consolidated Financial Statements for additional information regarding the allocation of the oil and gas investment real estate holdings by industry type. Gains and losses recognized on the disposition of the properties are recorded as realized gains and losses in the Consolidated Statements of Operations. During 2021 and 2020, the Company acquired $10,960,910 and $2,995,519 of investment real estate, respectively. Notes Receivable Notes receivable represent collateral loans and promissory notes issued by the Company and are reported at their unpaid principal balances, adjusted for valuation allowances. Valuation allowances are established for impaired loans when it is probable that contractual principal and interest will not be collected. The valuation allowance as of and was $ . Interest accruals are analyzed based on the likelihood of repayment. The Company does not utilize a specified number of days delinquent to cause an automatic non-accrual status. During and , the Company acquired $ and $ of notes receivable, respectively. Before a new note is issued, the applicant is subject to certain criteria set forth by Company Management to ensure quality control. Once the note is approved, the Company directly funds the note to the borrower. Several of the notes have participation agreements in place, whereas the Company has reduced its investment in the note receivable by participating a portion of the note to a third party. Similar to the mortgage loans, FSNB services several of the notes receivable. The Company, and the participants in the notes, share in the risk of loss associated with the terms of the note with the borrower, based upon their ownership percentage in the note. The Company has in place a monitoring system to provide Management with information regarding potential troubled loans. Short-Term Investments Short-term investments have remaining maturities exceeding three months and under 12 months at the time of purchase and are stated at amortized cost, which approximates fair value. The short-term investments consist of United States Treasury securities. During 2021 and 2020, the Company acquired $0 and $7,890,228, respectively, in short-term investments. Analysis of Investment Operations The following table reflects the Company’s net investment income for the periods ended December 31: 2021 2020 Fixed maturities $ 4,566,293 $ 5,309,028 Equity securities 1,274,147 1,754,958 Trading securities 22,568 2,921 Mortgage loans 706,883 709,604 Real estate 3,241,689 2,212,851 Notes receivable 1,558,406 1,233,148 Policy loans 606,347 599,897 Cash and cash equivalents 2,567 53,880 Short-term 0 167,599 Total consolidated investment income 11,978,900 12,043,886 Investment expenses (2,928,575 ) (2,514,938 ) Consolidated net investment income $ 9,050,325 $ 9,528,948 The following table presents net investment gains (losses) and the change in net unrealized gains on investments for the periods ended December 31: 2021 2020 Realized gains: Sales of fixed maturities $ 55,867 $ 768,511 Sales of equity securities 3,142,720 0 Sales of real estate 2,877,808 4,347,705 Total realized gains 6,076,395 5,116,216 Realized losses: Sales of fixed maturities 0 (64,992) Sales of equity securities (54,742) (405,525) Other-than-temporary impairments (393,455) 0 Total realized losses (448,197) (470,517) Net realized investment gains 5,628,198 4,645,699 Change in fair value of equity securities: Change in fair value of equity securities held at the end of the period 14,121,883 6,208,148 Change in fair value of equity securities 14,121,883 6,208,148 Net investment gains $ 19,750,081 $ 10,853,847 Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income: Fixed maturities $ (7,085,803) $ 9,065,958 Net increase (decrease) $ (7,085,803) $ 9,065,958 Other-Than-Temporary Impairments The Company regularly reviews its investment securities for factors that may indicate that a decline in fair value of an investment is other than temporary. The factors considered by Management in its regular review to identify and recognize other-than-temporary impairment losses on fixed maturities include, but are not limited to: the length of time and extent to which the fair value has been less than cost; the Company’s intent to sell, or be required to sell, the debt security before the anticipated recovery of its remaining amortized cost basis; the financial condition and near-term prospects of the issuer; adverse changes in ratings announced by one or more rating agencies; subordinated credit support, whether the issuer of a debt security has remained current on principal and interest payments; current expected cash flows; whether the decline in fair value appears to be issuer specific or, alternatively, a reflection of general market or industry conditions, including the effect of changes in market interest rates. If the Company intends to sell a debt security, or it is more likely than not that it would be required to sell a debt security before the recovery of its amortized cost basis, the entire difference between the security’s amortized cost basis and its fair value at the balance sheet date would be recognized by a charge to other-than-temporary losses in the Consolidated Statements of Operations. Management regularly reviews its real estate portfolio in comparison to appraisal valuations and current market conditions for indications of other-than-temporary impairments. If a decline in value is judged by Management to be other-than-temporary, a loss is recognized by a charge to other-than-temporary impairment losses in the Consolidated Statements of Operations. Based on Management’s review of the investment portfolio, the Company recorded the following losses for other-than-temporary impairments in the Consolidated Statements of Operations for the periods ended December 31: 2021 2020 Other than temporary impairments: Fixed maturities $ 393,455 $ 0 Total other than temporary impairments $ 393,455 $ 0 The other-than-temporary impairment recognized during 2021 was taken as a result of Management’s assessment and determination of value of the investment. The investment was written down to better reflect its current expected value. Investments on Deposit The Company had investments with a fair value of $8,401,031 and $8,680,638 on deposit with various state insurance departments as of December 31, 2021 and 2020, respectively.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 3 – Fair Value Measurements Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three levels based on the observability of valuation inputs: Level 1 – Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 – Valuation methodologies include quoted prices for similar assets and liabilities in active markets or quoted prices for identical, quoted prices for identical or similar assets or liabilities in markets that are not active, or the Company may use various valuation techniques or pricing models that use observable inputs to measure fair value. Level 3 – Valuation is based upon unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Unobservable inputs reflect the Company’s own assumptions about the inputs that market participants would use in pricing the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used as of December 31: 2021 Level 1 Level 2 Level 3 Net Asset Value Total Financial assets: Fixed maturities available for sale: U.S. Government and government agencies and authorities $ 25,650,903 $ 0 $ 0 $ 0 $ 25,650,903 U.S. special revenue and assessments 0 8,523,535 0 0 8,523,535 Corporate securities 0 106,789,443 0 0 106,789,443 Total fixed maturities 25,650,903 115,312,978 0 0 140,963,881 Equity securities: Common stocks 40,784,660 16,711,180 5,861,486 57,603,597 120,960,923 Preferred stocks 0 21,198 1,247,000 0 1,268,198 Total equity securities 40,784,660 16,732,378 7,108,486 57,603,597 122,229,121 Total financial assets $ 66,435,563 $ 132,045,356 $ 7,108,486 $ 57,603,597 $ 263,193,002 Liabilities Trading Securities $ (1,116 ) $ 0 $ 0 $ 0 $ (1,116 ) 2020 Level 1 Level 2 Level 3 Net Asset Value Total Financial assets: Fixed maturities available for sale: U.S. Government and government agencies and authorities $ 37,472,534 $ 0 $ 0 $ 0 $ 37,472,534 U.S. special revenue and assessments 0 12,939,144 0 0 12,939,144 Corporate securities 0 115,368,319 0 0 115,368,319 Total fixed maturities 37,472,534 128,307,463 0 0 165,779,997 Equity securities: Common stocks 28,477,005 15,922,869 3,161,120 30,496,625 78,057,619 Preferred stocks 0 17,568 0 0 17,568 Total equity securities 28,477,005 15,940,437 3,161,120 30,496,625 78,075,187 Total financial assets $ 65,949,539 $ 144,247,900 $ 3,161,120 $ 30,496,625 $ 243,855,184 Liabilities Trading Securities $ (12,219 ) $ 0 $ 0 $ 0 $ (12,219 ) The following is a description of the valuation techniques used the by Company to measure assets reported at fair value on a recurring basis. There have been no significant changes in the valuation techniques utilized by the Company during 2021 or 2020. Available for Sale Securities Securities classified as available for sale are recorded at fair value on a recurring basis. Securities classified as Level 1 utilized fair value measurements based upon quoted market prices, when available. If quoted market prices are not available, the Company obtains fair value measurements from recently executed transactions, market price quotations, benchmark yields and issuer spreads to value Level 2 securities. In certain instances where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Fair value determinations for Level 3 measurements are estimated on a quarterly basis where assumptions used are reviewed to ensure the estimated fair value complies with accounting standards generally accepted in the United States. Equity Securities at Fair Value Equity securities consist of common and preferred stocks mainly in private equity investments, financial institutions and publicly traded corporations. Equity securities for which there is sufficient market data are categorized as Level 1 or 2 in the fair value hierarchy. For the equity securities in which quoted market prices are not available, the Company uses industry standard pricing methodologies, including discounted cash flow models that may incorporate various inputs such as payment expectations, risk of the investment, market data, and health of the underlying company. The inputs are based upon Management’s assumptions and available market information. When evidence is believed to support a change to the carrying value from the transaction price, adjustments are made to reflect the expected cash flows, material events and market data. These investments are included in Level 3 of the fair value hierarchy. Equity Securities at Net Asset Value Certain equity securities carried at fair value, which do not have readily determinable fair values, use net asset value (“NAV”) and are excluded from the fair value hierarchy. These investments are generally not readily redeemable by the investee. See Note 8 – Commitments and Contingencies for additional information regarding unfunded commitments. Trading Securities Trading securities are recorded at fair value. They are classified as Level 1 and utilize fair value measurements based upon quoted market prices. Change in Level 3 Recurring Fair Value Measurements The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities. Equity Securities, Fair Value Equity Securities, Net Asset Value Total Balance at December 31, 2020 $ 3,161,120 $ 30,496,625 $ 33,657,745 Realized gains (losses) 851,307 0 851,307 Unrealized gains (losses) (237,803 ) 6,642,410 6,404,607 Purchases 4,185,169 20,542,073 24,727,242 Sales (851,307 ) (77,511 ) (928,818 ) Balance at December 31, 2021 $ 7,108,486 $ 57,603,597 $ 64,712,083 Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at December 31, 2021 and 2020 may include changes in fair value that were attributable to both observable and unobservable inputs. Quantitative Information About Level 3 Fair Value Measurements The following table presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and include only those instrument for which information about the inputs is reasonably available to the Company, such as data from independent third-party valuation service providers and from internal valuation models. Financial Assets Fair Value at December 31, 2021 Fair Value at December 31, 2020 Valuation Technique Common stocks $ 57,603,597 $ 30,496,625 Net Asset Value Common stocks 7,108,486 3,161,120 Pricing Model Total $ 64,712,083 $ 33,657,745 Uncertainty of Fair Value Measurements The significant unobservable inputs used in the determination of the fair value of assets classified as Level 3 have an inherent measurement uncertainty that if changed could result in higher or lower fair value measurements of these assets as of the reporting date. Equity Securities at Fair Value Fair market value for equity securities is derived based on unobservable inputs, such as projected normalized revenues and industry standard multiples of revenue for the equity securities valued using pricing model. Significant increases (decreases) in either of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share Investment Category Fair Value at December 31, 2021 Unfunded Commitments Redemption Frequency Redemption Notice Period Common stocks Growth equity Redeemable $ 28,546,227 $ 0 Quarterly 45 days Non-redeemable 29,057,370 5,288,967 n/a n/a Total $ 57,603,597 $ 5,288,967 Investment Category Fair Value at December 31, 2020 Unfunded Commitments Redemption Frequency Redemption Notice Period Common stocks Growth equity Redeemable $ 21,713,727 $ 0 Quarterly 45 days Non-redeemable 8,782,898 6,856,072 n/a n/a Total $ 30,496,625 $ 6,856,072 Fair Value Measurements on a Nonrecurring Basis Certain assets are not carried at fair value on a recurring basis. Accordingly, such investments are only included in the fair value hierarchy disclosure when the investment is subject to re-measurement at fair value after initial recognition and the resulting re-measurement is reflected in the Consolidated Financial Statements. The Company did not recognize any re-measurements or impairments of financial instruments during the years ended December 31, 2021 and 2020. Fair Value Information About Financial Instruments Not Measured at Fair Value Certain assets are not carried at fair value on a recurring basis. Accordingly, such investments are only included in the fair value hierarchy disclosure when the investment is subject to re-measurement at fair value after initial recognition and the resulting re-measurement is reflected in the Consolidated Financial Statements. The following table presents the carrying amount and estimated fair values of the Company’s financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used as of December 31: 2021 Carrying Amount Estimated FairValue Level 1 Level 2 Level 3 Assets Common stock, at cost $ 5,860,000 $ 5,860,000 $ 0 $ 0 $ 5,860,000 Preferred stock, at cost 8,683,343 8,683,343 0 0 8,683,343 Mortgage loans on real estate 29,183,562 29,183,562 0 0 29,183,562 Investment real estate 39,748,261 96,463,112 0 0 96,463,112 Notes receivable 17,722,976 17,722,976 0 0 17,722,976 Policy loans 7,390,497 7,390,497 0 0 7,390,497 Liabilities Notes payable 24,000,000 24,000,000 0 24,000,000 0 2020 Carrying Amount Estimated FairValue Level 1 Level 2 Level 3 Common stock, at cost $ 5,860,000 $ 5,860,000 $ 0 $ 0 $ 5,860,000 Preferred stock, at cost 8,529,189 8,529,189 0 0 8,529,189 Mortgage loans on real estate 20,802,365 20,802,365 0 0 20,802,365 Investment real estate 38,086,391 82,689,332 0 0 82,689,332 Notes receivable 17,682,296 17,709,894 0 0 17,709,894 Policy loans 8,590,524 8,590,524 0 0 8,590,524 The above estimated fair value amounts have been determined based upon the following valuation methodologies. Considerable judgment was required to interpret market data in order to develop these estimates. Accordingly, the estimates are not necessarily indicative of the amounts which could be realized in a current market exchange. The use of different market assumptions or estimation methodologies may have a material effect on the fair value amounts. The fair values of mortgage loans on real estate are estimated using discounted cash flow analyses and interest rates being offered for similar loans to borrowers with similar credit ratings. The inputs used to measure the fair value of our mortgage loans on real estate are classified as Level 3 within the fair value hierarchy. Investment real estate is recorded at the lower of the net investment in the real estate or the fair value of the real estate less costs to sell. The determination of fair value assessments are performed on a periodic, non-recurring basis by external appraisal and assessment of property values by Management. The inputs used to measure the fair value of our investment real estate are classified as Level 3 within the fair value hierarchy. The fair values of notes receivable are estimated using discounted cash flow analyses and interest rates being offered for similar loans to borrowers with similar credit ratings. The inputs used to measure the fair value of the notes receivable are classified as Level 3 within the fair value hierarchy. Policy loans are carried at the aggregate unpaid principal balances in the Condensed Consolidated Balance Sheets which approximate fair value, and earn interest at rates ranging from 4% to 8%. Individual policy liabilities in all cases equal or exceed outstanding policy loan balances. The inputs used to measure the fair value of our policy loans are classified as Level 3 within the fair value hierarchy. The carrying value for notes payable is a reasonable estimate of fair value subject to floating rates of interest. The fair value of notes payable with fixed rate borrowings is determined based on the borrowing rates currently available to the Company for loans with similar terms and average maturities. The inputs used to measure the fair value of our notes payable are classified as Level 2 within the fair value hierarchy.

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2021
Reinsurance [Abstract]
Reinsurance	Note 4 - Reinsurance As is customary in the insurance industry, the insurance subsidiary cedes insurance to, and assumes insurance from, other insurance companies under reinsurance agreements. Reinsurance agreements are intended to limit a life insurer’s maximum loss on a large or unusually hazardous risk or to obtain a greater diversification of risk. The ceding insurance company remains primarily liable with respect to ceded insurance should any reinsurer be unable to meet the obligations assumed by it. However, it is the practice of insurers to reduce their exposure to loss to the extent that they have been reinsured with other insurance companies. The Company sets a limit on the amount of insurance retained on the life of any one person. The Company will not retain more than $125,000, including accidental death benefits, on any one life. At December 31, 2021, the Company had gross insurance in-force of $948 million of which approximately $193 million was ceded to reinsurers. At December 31, 2020, the Company had gross insurance in-force of $1 billion of which approximately $206 million was ceded to reinsurers. The Company’s reinsured business is ceded to numerous reinsurers. The Company monitors the solvency of its reinsurers in seeking to minimize the risk of loss in the event of a failure by one of the parties. The Company is primarily liable to the insureds even if the reinsurers are unable to meet their obligations. The primary reinsurers of the Company are large, well-capitalized entities. Most recently, UG utilized reinsurance agreements with Optimum Re Insurance Company (“Optimum”), and Swiss Re Life and Health America Incorporated (“SWISS RE”). Optimum and SWISS RE currently hold an “A” (Excellent) and “A+” (Superior) rating, respectively, from A.M. Best, an industry rating company. The reinsurance agreements were effective December 1, 1993, and covered most new business of UG. Under the terms of the agreements, UG cedes risk amounts above its retention limit of $100,000 with a minimum cession of $25,000. Ceded amounts are shared equally between the two reinsurers on a yearly renewable term (“YRT”) basis, a common industry method. The treaty is self-administered; meaning the Company records the reinsurance results and reports them to the reinsurers. Also, Optimum is the reinsurer of 100% of the accidental death benefits (“ADB”) in force of UG. This coverage is renewable annually at the Company’s option. Optimum specializes in reinsurance agreements with small to mid-size carriers such as UG. UG entered into a coinsurance agreement with Park Avenue Life Insurance Company (“PALIC”) effective September 30, 1996. Under the terms of the agreement, UG ceded to PALIC substantially all of its then in-force paid-up life insurance policies. Paid-up life insurance generally refers to non-premium paying life insurance policies. Under the terms of the agreement, UG sold of the future results of this block of business to PALIC through a coinsurance agreement. UG continues to administer the business for PALIC and receives a servicing fee through a commission allowance based on the remaining in-force policies each month. PALIC has the right to assumption reinsure the business, at its option, and transfer the administration. The Company is not aware of any such plans. PALIC’s ultimate parent, The Guardian Life Insurance Company of America (“Guardian”), currently holds an “A++” (Superior) rating from A.M. Best. The PALIC agreement accounts for approximately of UG’s reinsurance reserve credit, as of and . The Company does not have any short-duration reinsurance contracts. The effect of the Company’s long-duration reinsurance contracts on premiums earned in 2021 and 2020 were as follows: 2021 2020 Premiums Earned Premiums Earned Direct $ 9,080,076 $ 9,256,992 Assumed (37 ) (47 ) Ceded (2,680,050 ) (2,725,303 ) Net Premiums $ 6,399,989 $ 6,531,642

Cost of Insurance Acquired

Cost of Insurance Acquired	12 Months Ended
	Dec. 31, 2021
Cost of Insurance Acquired [Abstract]
Cost of Insurance Acquired	Note 5 – Cost of Insurance Acquired When an insurance company is acquired, the Company assigns a portion of its cost to the right to receive future cash flows from insurance contracts existing at the date of the acquisition. The cost of policies purchased represents the actuarially determined present value of the projected future profits from the acquired policies. Cost of insurance acquired is amortized with interest in relation to expected future profits, including direct charge-offs for any excess of the unamortized asset over the projected future profits. The interest rates utilized may vary due to differences in the blocks of business. The interest rate utilized in the amortization calculation of the remaining cost of insurance acquired is 12%. The amortization is adjusted retrospectively when estimates of current or future gross profits to be realized from a group of products are revised. 2021 2020 Cost of insurance acquired, beginning of year $ 4,101,471 $ 4,846,321 Interest accretion 587,120 676,503 Amortization (1,302,090 ) (1,421,353 ) Net amortization (714,970 ) (744,850 ) Cost of insurance acquired, end of year $ 3,386,501 $ 4,101,471 Estimated net amortization expense of cost of insurance acquired for the next five years is as follows: Interest Accretion Amortization Net Amortization 2022 501,324 1,189,672 688,348 2023 418,722 1,079,979 661,257 2024 339,372 975,187 635,815 2025 263,074 877,240 614,166 2026 189,374 799,520 610,146

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Taxes [Abstract]
Income Taxes	Note 6 – Income Taxes UTG and UG file separate federal income tax returns. Income tax expense (benefit) consists of the following components: 2021 2020 Current tax $ (32,134 ) $ 2,476,599 Deferred tax 2,101,807 (2,136,105 ) Income tax expense $ 2,069,673 $ 340,494 The expense for income taxes differed from the amounts computed by applying the applicable United States statutory rate of 21% as of December 31, 2021 and 2020, before income taxes as a result of the following differences: 2021 2020 Tax computed at statutory rate $ 2,483,215 $ 536,982 Changes in taxes due to: Non-controlling interest (19,340 ) (26,871 ) Dividend received deduction (107,180 ) (155,597 ) Oil and gas royalties depletion (60,969 ) (541 ) Other (226,053 ) (13,479 ) Income tax expense $ 2,069,673 $ 340,494 The following table summarizes the major components that comprise the net deferred tax liability as reflected in the balance sheets: 2021 2020 Investments $ 12,159,338 $ 10,918,449 Cost of insurance acquired 711,165 861,309 Management/consulting fees (8,518 ) (8,832 ) Future policy benefits (447,958 ) (511,297 ) Deferred gain on sale of subsidiary 1,387,490 1,387,490 Other assets (liabilities) (57,783 ) 364,797 Reserves adjustment 192,212 240,266 Federal tax DAC (255,550 ) (256,468 ) Deferred tax liability $ 13,680,396 $ 12,995,714 At December 31, 2021 and 2020, the Company had gross deferred tax assets of $1,292,790 and $1,413,608, respectively, and gross deferred tax liabilities of $14,973,186 and $14,409,322, respectively, resulting from temporary differences primarily related to the life insurance subsidiary. A valuation allowance is to be provided when it is more likely than not that deferred tax assets will not be realized by the Company. No valuation allowance has been recorded relating to the Company’s deferred tax assets since, in Management’s judgment, the Company will more likely than not have sufficient taxable income in future periods to fully realize its existing deferred tax assets. The Company’s Federal income tax returns are periodically audited by the Internal Revenue Service (“IRS”). There are currently no examinations in process, nor is Management aware of any pending examination by the IRS. The Company follows the accounting guidance for uncertainty in income taxes using the provisions of Financial Accounting Standards Board (“FASB”) ASC 740, Income Taxes. 2018 2019 2020 2021 The Company classifies interest and penalties on underpayment of income taxes as income tax expense. No interest or penalties were included in the reported income taxes for the years presented. The Company is not aware of any potential or proposed changes to any of its tax filings.

Credit Arrangements

Credit Arrangements	12 Months Ended
	Dec. 31, 2021
Credit Arrangements [Abstract]
Credit Arrangements	Note 7 – Credit Arrangements At December 31, 2021 and 2020, the Company had the following lines of credit available: Instrument Issue Date Maturity Date Revolving Credit Limit December 31, 2020 Borrowings Repayments December 31, 2021 Lines of Credit: UTG 11/20/2013 11/20/2022 $ 8,000,000 $ 0 0 0 $ 0 UG - CMA 10/21/2021 10/7/2022 25,000,000 0 24,000,000 0 24,000,000 UG - REPO 10/21/2021 10/7/2022 25,000,000 0 0 0 0 The UTG line of credit carries interest at a fixed rate of 3.750% and is payable monthly. As collateral, UTG has pledged 100% of the common voting stock of its wholly owned subsidiary, Universal Guaranty Life Insurance Company ("UG"). During October of 2021, the Federal Home Loan Bank approved UG’s Cash Management Advance Application (“CMA”). The CMA gives the Company the option of selecting a variable rate of interest for up to 90 days or a fixed rate for a maximum of 30 days. The variable rate CMA is prepayable at any time without a fee, while the fixed CMA is not prepayable prior to maturity. The Company has pledged bonds with a collateral lendable value of $24,874,397. During the fourth quarter of 2021, the Company borrowed $24 million and utilized the funds for investing activities. The interest rate on the borrowed funds is variable and currently is 0.23%. During the first quarter of 2022, the Company repaid $14 million of the outstanding principal balance. The CMA is a source of overnight liquidity utilized to address the day-to-day cash needs of a Company. In order to provide the Company with multiple lending options, Management also applied for, and the FHLB approved, the Company's Repurchase ("REPO") Advance Application for $25 million. The REPO Advance requires a minimum borrowing of $15 million and provides financing for one day to one year at a fixed rate of interest. The Company has enough qualifying investments for collateral pledging of $25 million total against the two borrowing vehicles. Note 8 – Commitments and Contingencies The insurance industry has experienced a number of civil jury verdicts which have been returned against life and health insurers in the jurisdictions in which the Company does business involving the insurers’ sales practices, alleged agent misconduct, failure to properly supervise agents, and other matters. Some of the lawsuits have resulted in the award of substantial judgments against the insurer, including material amounts of punitive damages. In some states, juries have substantial discretion in awarding punitive damages in these circumstances. In the normal course of business, the Company is involved from time to time in various legal actions and other state and federal proceedings. Management is of the opinion that the ultimate disposition of the matters will not have a materially adverse effect on the Company’s results of operations or financial position. Under the insurance guaranty fund laws in most states, insurance companies doing business in a participating state can be assessed up to prescribed limits for policyholder losses incurred by insolvent or failed insurance companies. Although the Company cannot predict the amount of any future assessments, most insurance guaranty fund laws currently provide that an assessment may be excused or deferred if it would threaten an insurer’s financial strength. Mandatory assessments may be partially recovered through a reduction in future premium tax in some states. The Company does not believe such assessments will be materially different from amounts already provided for in the condensed consolidated financial statements, though the Company has no control over such assessments. Within the Company’s trading accounts, certain trading securities carried as liabilities represent securities sold short. A gain, limited to the price at which the security was sold short, or a loss, potentially unlimited in size, will be recognized upon the termination of the short sale. The following table represents the total funding commitments and the unfunded commitment as of December 31, 2021 related to certain investments: Total Funding Commitment Unfunded Commitment RLF III, LLC $ 4,000,000 $ 398,120 Sovereign’s Capital, LP Fund I 500,000 13,000 Sovereign's Capital, LP Fund II 1,000,000 92,034 Sovereign's Capital, LP Fund III 3,000,000 641,440 Macritchie Storage II, LP 7,000,750 833,358 Garden City Companies, LLC 2,000,000 1,855,039 Carrizo Springs Music, LLC 5,000,000 189,711 Legacy Venture X, LLC 3,000,000 2,250,000 QCC Investment Co., LLC 1,500,000 150,000 Great American Media Group, LLC 4,000,000 1,520,000 Sovereign's Capital Evergreen Fund I, LLC 3,000,000 300,454 During 2006, the Company committed to invest in RLF III, LLC (“RLF”), which makes land-based investments in undervalued assets. RLF makes capital calls as funds are needed for continued land purchases. During 2012, the Company committed to invest in Sovereign’s Capital, LP Fund I (“Sovereign’s”), which invests in companies in emerging markets. Sovereign’s makes capital calls to investors as funds are needed. During 2015, the Company committed to invest in Sovereign’s Capital, LP Fund II (“Sovereign’s II”), which invests in companies in emerging markets. Sovereign’s II makes capital calls to investors as funds are needed. During 2018, the Company committed to invest in Sovereign’s Capital, LP Fund III (“Sovereign’s III”), which invests in companies in emerging markets. Sovereign’s III makes capital calls to investors as funds are needed. During 2018, the Company committed to fund a mortgage loan for Macritchie Storage II, LP (“Macritchie”). Macritchie makes draw requests on the loan as funds are needed to fund the construction project. During 2020, the Company committed to invest in Garden City Companies, LLC (“Garden City”), which invests primarily in companies in the healthcare, inspection/testing services and maintenance service arena. Garden City makes capital calls to investors as funds are needed. During 2020, the Company committed to invest in Carrizo Springs Music, LLC (“Carrizo”), which invests in music royalties. Carrizo makes capital calls to its investors as funds are needed to acquire the royalty rights. During 2020, the Company committed to invest in Legacy Venture X, LLC (“Legacy Venture X”), which is a fund of funds. Legacy Venture X makes capital calls to its investors as funds are needed. During 2021, the Company committed to invest in QCC Investment Co., LLC (“QCC”). The funds are being utilized to purchase a manufacturing entity. QCC makes capital calls to its investors as funds are needed. During 2021, the Company committed to fund a collateral loan for Great American Media Group, LLC (“GAM”). GAM makes draw requests on the loan as funds are needed to fund the operating needs of the Company. During 2021, the Company committed to invest in Sovereign’s Capital Evergreen Fund I, LLC (“Evergreen”), which invests in companies in emerging markets. Evergreen makes capital calls to investors as funds are needed. Note 9 – Shareholders’ Equity Stock Repurchase Program During the third quarter of 2020, the Company purchased 88,341 shares from Cumberland Lake Shell, Inc at a price of $29 per share for a total cost of $2,561,889. Director Compensation th In December of , the Company issued shares of its common stock as compensation to the Directors. The shares were valued at $ per share, the market value at the date of issue. During , the Company recorded $ in operating expense related to the stock issuance. In December of , the Company issued shares of its common stock as compensation to the Directors. The shares were valued at $ per share, the market value at the date of issue. During , the Company recorded $ in operating expense related to the stock issuance. Other Compensation Earnings Per Share - The following is a reconciliation of basic and diluted weighted average shares outstanding used in the computation of basic and diluted earnings per share: 2021 2020 Basic weighted average shares outstanding 3,171,919 3,233,773 Weighted average dilutive options outstanding 0 0 Diluted weighted average shares outstanding 3,171,919 3,233,773 The computation of diluted earnings per share is the same as basic earnings per share for the years ending December 31, 2021 and 2020, as there were no outstanding securities, options or other offers that give the right to receive or acquire common shares of UTG. Statutory Restrictions UG is domiciled in the state of Ohio. Ohio requires notification within 5 business days to the insurance commissioner following the declaration of any ordinary dividend and at least ten Note 10 - Statutory Accounting The insurance subsidiary prepares its statutory-based financial statements in accordance with accounting practices prescribed or permitted by the Ohio Department of Insurance. These principles differ significantly from accounting principles generally accepted in the United States of America. “Prescribed” statutory accounting practices include state laws, regulations, and general administrative rules, as well as a variety of publications of the National Association of Insurance Commissioners (NAIC). “Permitted” statutory accounting practices encompass all accounting practices that are not prescribed; such practices may differ from state to state, from company to company within a state, and may change in the future. The following table reflects UG’s statutory basis net income and capital and surplus (shareholders’ equity) as of December 31: 2021 2020 Net income $ 450,976 $ 6,258,945 Capital and surplus 64,726,088 70,605,156 Note 11 – Related Party Transactions The articles of incorporation of UG contain the following language under item 12 relative to related party transactions: A director shall not be disqualified from-dealing with or contracting with the corporation as vendor, purchaser; employee, agent or otherwise; nor, in the absence of fraud, shall any transaction or contract or act of this corporation be void or in any way affected or invalidated by the fact that any director or any firm of which any director is a member or any corporation of which any director is a shareholder, director or officer is in any way interested in such transaction or contract or act, provided the fact that such director or such firm or such corporation so interested shall be disclosed or shall be known to the Board of Directors or such members thereof as shall be present at any meeting of the Board of Directors at which action upon any such contract or transaction or act shall be taken: nor shall any such director be accountable .or responsible to the company for or in respect to such transaction or contract or act of. this corporation or for any gains or profits realized by him by reason of the fact that he or any firm of which he is a member or any corporation of which he is a shareholder, director or officer is interested in such action or contract; and any such director may be counted in determining the existence of a quorum of any meeting of the Board of Directors of the On February 20, 2003, UG purchased $4 million of a trust preferred security offering issued by First Southern Bancorp, Inc. (“FSBI”). The security has a mandatory redemption after 30 years with a call provision after 5 years. The security pays a quarterly dividend at a fixed rate of 6.515%. The Company received dividends of $165,137 and $165,590 during 2021 and 2020, respectively. During 2020, the Company received a preferred pay down of $502,000 leaving a cost basis of $2,500,000. On March 30, 2009, UG purchased $1 million of FSBI common stock. The sale and transfer of this security is restricted by the provisions of a stock restriction and buy-sell agreement. UTG has a 30.10% ownership interest in an aircraft that is jointly owned with First Southern National Bank and Bandyco, LLC. Bandyco, LLC is affiliated with the Estate of Ward F. Correll. Mr. Correll is the father of Jesse Correll and a former director of the Company. The aircraft is used for business related travel by various officers and employees of the Company. For years 2021 and 2020, UTG paid $248,977 and $298,058 for costs associated with the aircraft, respectively. Effective January 1, 2007, UTG entered into administrative services and cost sharing agreements with its subsidiary. Under this arrangement, the subsidiary pays its proportionate share of expenses, based on an allocation formula. During 2021 and 2020, UG paid $6,824,829 and $7,262,645, respectively, in expenses. The Ohio Department of Insurance has approved the cost sharing agreement and it is Management’s opinion that where applicable, costs have been allocated fairly and such allocations are based upon accounting principles generally accepted in the United States of America. The Company from time to time acquires mortgage loans through participation agreements with FSNB. FSNB services the Company’s mortgage loans including those covered by the participation agreements. The Company pays a 0.25% servicing fee on these loans and a one-time fee at loan origination of 0.50% of the original loan cost to cover costs incurred by FSNB relating to the processing and establishment of the loan. The Company paid $23,508 and $23,721 in servicing fees and $48,901 and $35,240 in origination fees to FSNB during 2021 and 2020, respectively. Effective January 1, 2017, UTG entered into a shared services contract with FSNB. Pursuant to the terms of the agreement, UTG and FSNB will utilize the services of the other’s staff in certain instances for the betterment of both entities. Personnel within departments, such as accounting, human resources, and information technology, are shared between the entities. Costs of these resources are then reimbursed between the companies. The shared services arrangement provides benefits to both parties such as access to a greater pool of knowledgeable staff, efficiencies from elimination of redundancies and more streamlined operations. The Company reimbursed expenses incurred by employees of FSNB relating to salaries, travel and other costs incurred on behalf of or relating to the Company and received reimbursements from FSNB. The Company paid $895,100 and $766,616 in 2021 and 2020, respectively to FSNB in net reimbursement of such costs. Effective July 1, 2018, the Company assumed the employees of several smaller entities associated with UTG. The purpose of this was to support the continued efforts to further streamline operations amongst associated entities. The salaries, benefits, and payroll related processing fees are 100% reimbursed by the associated entities on a monthly basis. During 2021 and 2020, the Company received reimbursements of $947,689 and $838,431, respectively. The Company rents approximately 8,000 square feet of office space, located in Stanford, Kentucky, from FSNB and pays $2,000 per month in rent. The Company paid rent of $24,000 to FSNB during 2021 and 2020. As previously disclosed in the Notes Receivable section of Note 2 - Investments, several of the Company’s notes have participation agreements in place with third parties. Certain participation agreements are with FSF, a related party. The participation agreements are sold without recourse and assigned to the participant based on their pro-rata share of the principal, interest and collateral as specified in the participation agreements. The undivided participations in the notes receivable range from - . T he total amount of loans participated to FSF was $ and $ as of and , respectively. During 2021, UG purchased several real estate parcels from FSF at a cost of $1,502,035. UG also purchased one real estate parcel from FSNB in 2021 at a cost of $80,000. During 2020, UG purchased four real estate parcels from FSNB at a cost of $1,560,000. Also, during 2020, UG purchased UG-Cam, LLC from FSF at a cost of $539,508. At the time of purchase, UG-Cam, LLC owned four properties. Note 12 – Other Cash Flow Disclosures On a cash basis, the Company paid the following expenses for the periods ended December 31: 2021 2020 Interest $ 785 $ 0 Federal income tax 1,202,000 2,531,500 Note 13 - Concentrations The Company maintains cash balances in financial institutions that at times may exceed federally insured limits. The Company maintains its primary operating cash accounts with First Southern National Bank, an affiliate of the largest shareholder of UTG, Mr. Jesse T. Correll, the Company’s CEO and Chairman. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents. Because UTG serves primarily individuals located in four states, the ability of our customers to pay their insurance premiums is impacted by the economic conditions in these areas. As of December 31, 2021 and 2020, approximately 55% and 56%, respectively, of the Company’s total direct premium was collected from Illinois, Ohio, Texas and West Virginia. Thus, results of operations are heavily dependent upon the strength of these economies. The Company reinsures that portion of insurance risk which is in excess of its retention limits. Retention limits range up to $125,000 per life. Life insurance ceded represented 20% of total life insurance in force at December 31, 2021 and 2020. Insurance ceded represented 36% and 37% of premium income for 2021 and 2020, respectively. The Company would be liable for the reinsured risks ceded to other companies to the extent that such reinsuring companies are unable to meet their obligations. The Company owns a variety of investments associated with the oil and gas industry. These investments represented approximately 22% and 20% of the Company’s total invested assets at December 31, 2021 and 2020, respectively. The following table provides an allocation of the oil and gas investments by type as of December 31: 2021 Land, Minerals & Royalty Interests Exploration Total Fixed maturities, at fair value $ 0 $ 1,249,040 $ 1,249,040 Equity securities, at fair value 60,932,033 0 60,932,033 Investment real estate 16,351,500 0 16,351,500 Notes receivable 5,000,000 0 5,000,000 Total $ 82,283,533 $ 1,249,040 $ 83,532,573 2020 Land, Minerals & Royalty Interests Exploration Total Fixed maturities, at fair value $ 0 $ 1,268,670 $ 1,268,670 Equity securities, at fair value 41,551,468 0 41,551,468 Investment real estate 20,031,576 0 20,031,576 Notes receivable 6,000,000 0 6,000,000 Total $ 67,583,044 $ 1,268,670 $ 68,851,714 As of December 31, 2021 and 2020, the Company owned two equity securities that represented approximately 53% and 47%, respectively, of the total investments associated with the oil and gas industry. The Company’s results of operations and financial condition have in the past been, and may in the future be, adversely affected by the degree of certain industry specific concentrations in the Company’s investment portfolio. The Company has significant exposure to investments associated with the oil and gas industry. Events or developments that have a negative effect on the oil and gas industry may adversely affect the valuation of our investments in this specific industry. The Company’s ability to sell its investments associated with the oil and gas industry may be limited. Note 14 – Selected Quarterly Financial Data As a smaller reporting company, as defined by Rule 12b-2 of the Exchange Act and Item 10(f)(1) of Regulation S-K, the Company has elected to comply with certain scaled disclosure reporting obligations, and therefore does not have to provide the information required by this item. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None Item 9A. Controls and Procedures Evaluation of Disclosure Controls and Procedures The Company maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)) that are designed to ensure that the information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Our disclosure controls and procedures are also designed to ensure that information required to be disclosed in our Exchange Act reports is accumulated and communicated to Management, including our Principal Executive Officer and Principal Financial Officer, to allow timely decisions regarding required disclosures. In designing and evaluating the disclosure controls and procedures, Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and Management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Our Management, with the participation of our Principal Executive Officer and Principal Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures as of and, based on this evaluation, our Principal Executive Officer and Principal Financial Officer have concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective at a reasonable assurance level. Management’s Report on Internal Controls Over Financial Reporting Our Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company’s Management assessed the effectiveness of the Company’s internal control over financial reporting as of . In making the assessment, Management used the criteria issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control-Integrated Framework (2013). Based on Management’s assessment, Management concluded that, as of , the Company’s internal control over financial reporting was effective. This annual report does not include an attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s independent registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only Management’s report in this Annual Report. Changes in Internal Controls There have been no changes in the Company’s internal control over financial reporting since December 31, 2021, in connection with the evaluation required by paragraph (d) of Exchange Act Rule 13a-15(e) and 15d-15(e), that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. The Company’s process for evaluating controls and procedures is continuous and encompasses constant improvement of the design and effectiveness of established controls and procedures and the remediation of any deficiencies, which may be identified during this process. Item 9B. Other Information None Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not Applicable PART III Item 10. Directors, Executive Officers and Corporate Governance The Board of Directors In accordance with the laws of Delaware and the Certificate of Incorporation and Bylaws of UTG, as amended, UTG is managed by its executive officers under the direction of the Board of Directors. The Board elects executive officers, evaluates their performance, works with management in establishing business objectives and considers other fundamental corporate matters, such as the issuance of stock or other securities, the purchase or sale of a business and other significant corporate business transactions. In the fiscal year ended December 31, 2021, the Board met four times. During 2021, all Directors attended at least 75% of all meetings of the Board and meetings of committees of the Board. Our Board of Directors does not have a policy requiring directors to attend annual meetings of shareholders. All Board members attended our 2021 annual shareholders’ meeting. The Board of Directors has an Audit Committee consisting of Messrs. Molnar, Harmon, and Cortines. Our Board has determined that each of the members of the Audit Committee meets the criteria for independence under the NASDAQ listing standards. The Audit Committee performs such duties as outlined in the Company’s Audit Committee Charter. The Audit Committee reviews and acts or reports to the Board with respect to various auditing and accounting matters, the scope of the audit procedures and the results thereof, internal accounting and control systems of UTG, the nature of services performed for UTG and the fees to be paid to the independent auditors, the performance of UTG's independent and internal auditors and the accounting practices of UTG. The Audit Committee also recommends to the full Board of Directors the auditors to be appointed by the Board. The Audit Committee met four times The Board has reviewed the qualifications of each member of the audit committee and determined one member of the committee, Gabriel Molnar, meet the definition of an “audit committee financial expert” as defined in Item 407 of Regulation S-K. The Board of Directors has a Compensation Committee consisting of Messrs. Darden, Dayton and Ochs. Our Board has determined that each of the members of the Compensation Committee meets the criteria for independence under the NASDAQ listing standards. The Compensation Committee performs such duties as outlined in the Company’s Compensation Committee Charter. The Compensation Committee reviews and acts or reports to the Board with respect to various compensation matters relative to the Company’s executive officers. The Compensation Committee has the authority to delegate appropriate matters to subcommittees as the Committee may determine in its discretion. The Compensation Committee met two times in 2021. Under UTG’s By-Laws, the Board of Directors should be comprised of at least six and no more than eleven Directors. At December 31, 2021, the Board consisted of ten Directors. Shareholders elect Directors to serve for a period of one year at UTG’s annual shareholders’ meeting. The Board of Directors does not have a formal nominating committee, or a committee that performs similar functions, and does not have a nominating committee charter. The Board has concluded that the nominating process should not be limited to certain members so that a comprehensive selection of candidates can be considered. Therefore, the nomination process is conducted by the full Board of Directors. The Board of Directors has not adopted a formal policy with regard to the consideration of Director candidates recommended by shareholders. Candidates for nomination have been recommended by an executive officer or director and considered by the Board of Directors. Generally, candidates have been persons who have been known to one or more of our Board members. The Board of Directors will, however, consider nominees recommended by shareholders. Shareholders wishing to recommend candidates for Board membership must submit the recommendations in writing to the Secretary of the Company at least 90 days prior to a date corresponding to the previous year’s Annual Meeting, with the submitting shareholder’s name and address and pertinent information about the proposed nominee similar to that set forth for directors named herein. The Board does not evaluate potential nominees for director differently based on whether they are recommended by a shareholder. The Board of Directors has not adopted specific minimum qualifications that it believes must be met by a person it recommends for nomination as a director. Proposed nominees will be considered in light of their potential contributions to the Board, their backgrounds, their independence and such other factors as the Board considers appropriate. We do not have a specific policy relating to the consideration of diversity in identifying director candidates. However, the Board of Directors does consider the diversity of our Board when identifying director candidates. The amount of consideration given to diversity varies with the Boards’ determination of whether we would benefit from expanding the Board’s diversity in a particular area. We believe this policy has been effective in identifying candidates with the diverse business experience necessary to lead our Company. Our directors have demonstrated significant achievement and generally have significant management experience in one or more fields of business, professional, governmental, community or academic endeavors. Our directors have sound judgement as a result of their management or policy making experience and demonstrate an ability to function effectively in an oversight role. Given the tenure of most of the directors on our Board, they have a general appreciation regarding major issues facing the Company. These experiences make each of our directors well qualified to be a member of the Company’s Board of Directors. The Board of Directors has provided a process for shareholders to send communications directly to the Board. These communications can be sent to James Rousey, President and Director of UTG, at the corporate headquarters at 205 North Depot Street, Stanford, Kentucky 40484. Our Board of Directors is led by Jesse Correll, our Chairman of the Board and Chief Executive Officer. The decision as to who should serve as Chairman of the Board, and who should serve as Chief Executive Officer, and whether those offices should be combined or separate, is properly the responsibility of our Board of Directors. The Board of Directors believes that the most effective leadership structure for us at this time is for Mr. Correll to serve as both Chairman of the Board and Chief Executive Officer. Our Board does not have a lead independent director and does not believe that designating a lead independent director would be necessary or helpful at this time. Our Board of Directors oversees our risk management in cooperation with management. The Board and management regularly assess and communicate regarding risks confronting the Company, including transaction specific risks, macroeconomic trends, industry developments, and risk factors unique to our business. The members of the Audit Committee also discuss various financial reporting and accounting risk factors with our independent audit firm. Section 16(a) Beneficial Ownership Reporting Compliance Directors and officers of UTG file periodic reports regarding ownership of Company securities with the Securities and Exchange Commission pursuant to Section 16(a) of the Securities Exchange Act of 1934 as amended, and the rules promulgated there under. UTG is not aware of any individuals who filed late with the Securities and Exchange Commission during 2021. www.utgins.com Audit Committee Report to Shareholders In connection with the December 31, 2021 financial statements, the audit committee: (1) reviewed and discussed the audited financial statements with Management; (2) discussed with the independent auditors the matters required by Statement on Auditing Standards No. 61, Communications with Audit Committees, Professional Standards Members of the Company’s Audit Committee: Gabriel J. Molnar Committee Chairman Thomas E. Harmon John M. Cortines The following information with respect to business experience of the Board of Directors has been furnished by the respective Directors or obtained from the records of UTG. Name, Age Position with the Company, Business Experience and Other Directorships April R. Chapman, 56 Mrs. Chapman worked in the tech industry for 20 years, including a tenure at Microsoft, managing teams responsible for consumer Internet sites and orchestrating key partnerships. Prior to Microsoft, she developed groundbreaking software products in areas such as remotely piloted aircraft and manufacturing control systems and taught nationally on software technologies. April left Microsoft to start a consulting firm to advise non-profits on Internet strategy. She is now working with Christian-led organizations to help maximize their economic, social, and spiritual impact. Mrs. Chapman holds an Oxford Diploma in Strategy & Innovation and a BS in Computer Science from UC, Irvine. She currently serves on several boards, includ

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 8 – Commitments and Contingencies The insurance industry has experienced a number of civil jury verdicts which have been returned against life and health insurers in the jurisdictions in which the Company does business involving the insurers’ sales practices, alleged agent misconduct, failure to properly supervise agents, and other matters. Some of the lawsuits have resulted in the award of substantial judgments against the insurer, including material amounts of punitive damages. In some states, juries have substantial discretion in awarding punitive damages in these circumstances. In the normal course of business, the Company is involved from time to time in various legal actions and other state and federal proceedings. Management is of the opinion that the ultimate disposition of the matters will not have a materially adverse effect on the Company’s results of operations or financial position. Under the insurance guaranty fund laws in most states, insurance companies doing business in a participating state can be assessed up to prescribed limits for policyholder losses incurred by insolvent or failed insurance companies. Although the Company cannot predict the amount of any future assessments, most insurance guaranty fund laws currently provide that an assessment may be excused or deferred if it would threaten an insurer’s financial strength. Mandatory assessments may be partially recovered through a reduction in future premium tax in some states. The Company does not believe such assessments will be materially different from amounts already provided for in the condensed consolidated financial statements, though the Company has no control over such assessments. Within the Company’s trading accounts, certain trading securities carried as liabilities represent securities sold short. A gain, limited to the price at which the security was sold short, or a loss, potentially unlimited in size, will be recognized upon the termination of the short sale. The following table represents the total funding commitments and the unfunded commitment as of December 31, 2021 related to certain investments: Total Funding Commitment Unfunded Commitment RLF III, LLC $ 4,000,000 $ 398,120 Sovereign’s Capital, LP Fund I 500,000 13,000 Sovereign's Capital, LP Fund II 1,000,000 92,034 Sovereign's Capital, LP Fund III 3,000,000 641,440 Macritchie Storage II, LP 7,000,750 833,358 Garden City Companies, LLC 2,000,000 1,855,039 Carrizo Springs Music, LLC 5,000,000 189,711 Legacy Venture X, LLC 3,000,000 2,250,000 QCC Investment Co., LLC 1,500,000 150,000 Great American Media Group, LLC 4,000,000 1,520,000 Sovereign's Capital Evergreen Fund I, LLC 3,000,000 300,454 During 2006, the Company committed to invest in RLF III, LLC (“RLF”), which makes land-based investments in undervalued assets. RLF makes capital calls as funds are needed for continued land purchases. During 2012, the Company committed to invest in Sovereign’s Capital, LP Fund I (“Sovereign’s”), which invests in companies in emerging markets. Sovereign’s makes capital calls to investors as funds are needed. During 2015, the Company committed to invest in Sovereign’s Capital, LP Fund II (“Sovereign’s II”), which invests in companies in emerging markets. Sovereign’s II makes capital calls to investors as funds are needed. During 2018, the Company committed to invest in Sovereign’s Capital, LP Fund III (“Sovereign’s III”), which invests in companies in emerging markets. Sovereign’s III makes capital calls to investors as funds are needed. During 2018, the Company committed to fund a mortgage loan for Macritchie Storage II, LP (“Macritchie”). Macritchie makes draw requests on the loan as funds are needed to fund the construction project. During 2020, the Company committed to invest in Garden City Companies, LLC (“Garden City”), which invests primarily in companies in the healthcare, inspection/testing services and maintenance service arena. Garden City makes capital calls to investors as funds are needed. During 2020, the Company committed to invest in Carrizo Springs Music, LLC (“Carrizo”), which invests in music royalties. Carrizo makes capital calls to its investors as funds are needed to acquire the royalty rights. During 2020, the Company committed to invest in Legacy Venture X, LLC (“Legacy Venture X”), which is a fund of funds. Legacy Venture X makes capital calls to its investors as funds are needed. During 2021, the Company committed to invest in QCC Investment Co., LLC (“QCC”). The funds are being utilized to purchase a manufacturing entity. QCC makes capital calls to its investors as funds are needed. During 2021, the Company committed to fund a collateral loan for Great American Media Group, LLC (“GAM”). GAM makes draw requests on the loan as funds are needed to fund the operating needs of the Company. During 2021, the Company committed to invest in Sovereign’s Capital Evergreen Fund I, LLC (“Evergreen”), which invests in companies in emerging markets. Evergreen makes capital calls to investors as funds are needed.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2021
Shareholders' Equity [Abstract]
Shareholders' Equity	Note 9 – Shareholders’ Equity Stock Repurchase Program During the third quarter of 2020, the Company purchased 88,341 shares from Cumberland Lake Shell, Inc at a price of $29 per share for a total cost of $2,561,889. Director Compensation th In December of , the Company issued shares of its common stock as compensation to the Directors. The shares were valued at $ per share, the market value at the date of issue. During , the Company recorded $ in operating expense related to the stock issuance. In December of , the Company issued shares of its common stock as compensation to the Directors. The shares were valued at $ per share, the market value at the date of issue. During , the Company recorded $ in operating expense related to the stock issuance. Other Compensation Earnings Per Share - The following is a reconciliation of basic and diluted weighted average shares outstanding used in the computation of basic and diluted earnings per share: 2021 2020 Basic weighted average shares outstanding 3,171,919 3,233,773 Weighted average dilutive options outstanding 0 0 Diluted weighted average shares outstanding 3,171,919 3,233,773 The computation of diluted earnings per share is the same as basic earnings per share for the years ending December 31, 2021 and 2020, as there were no outstanding securities, options or other offers that give the right to receive or acquire common shares of UTG. Statutory Restrictions UG is domiciled in the state of Ohio. Ohio requires notification within 5 business days to the insurance commissioner following the declaration of any ordinary dividend and at least ten

Statutory Accounting

Statutory Accounting	12 Months Ended
	Dec. 31, 2021
Statutory Accounting [Abstract]
Statutory Accounting	Note 10 - Statutory Accounting The insurance subsidiary prepares its statutory-based financial statements in accordance with accounting practices prescribed or permitted by the Ohio Department of Insurance. These principles differ significantly from accounting principles generally accepted in the United States of America. “Prescribed” statutory accounting practices include state laws, regulations, and general administrative rules, as well as a variety of publications of the National Association of Insurance Commissioners (NAIC). “Permitted” statutory accounting practices encompass all accounting practices that are not prescribed; such practices may differ from state to state, from company to company within a state, and may change in the future. The following table reflects UG’s statutory basis net income and capital and surplus (shareholders’ equity) as of December 31: 2021 2020 Net income $ 450,976 $ 6,258,945 Capital and surplus 64,726,088 70,605,156

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Note 11 – Related Party Transactions The articles of incorporation of UG contain the following language under item 12 relative to related party transactions: A director shall not be disqualified from-dealing with or contracting with the corporation as vendor, purchaser; employee, agent or otherwise; nor, in the absence of fraud, shall any transaction or contract or act of this corporation be void or in any way affected or invalidated by the fact that any director or any firm of which any director is a member or any corporation of which any director is a shareholder, director or officer is in any way interested in such transaction or contract or act, provided the fact that such director or such firm or such corporation so interested shall be disclosed or shall be known to the Board of Directors or such members thereof as shall be present at any meeting of the Board of Directors at which action upon any such contract or transaction or act shall be taken: nor shall any such director be accountable .or responsible to the company for or in respect to such transaction or contract or act of. this corporation or for any gains or profits realized by him by reason of the fact that he or any firm of which he is a member or any corporation of which he is a shareholder, director or officer is interested in such action or contract; and any such director may be counted in determining the existence of a quorum of any meeting of the Board of Directors of the On February 20, 2003, UG purchased $4 million of a trust preferred security offering issued by First Southern Bancorp, Inc. (“FSBI”). The security has a mandatory redemption after 30 years with a call provision after 5 years. The security pays a quarterly dividend at a fixed rate of 6.515%. The Company received dividends of $165,137 and $165,590 during 2021 and 2020, respectively. During 2020, the Company received a preferred pay down of $502,000 leaving a cost basis of $2,500,000. On March 30, 2009, UG purchased $1 million of FSBI common stock. The sale and transfer of this security is restricted by the provisions of a stock restriction and buy-sell agreement. UTG has a 30.10% ownership interest in an aircraft that is jointly owned with First Southern National Bank and Bandyco, LLC. Bandyco, LLC is affiliated with the Estate of Ward F. Correll. Mr. Correll is the father of Jesse Correll and a former director of the Company. The aircraft is used for business related travel by various officers and employees of the Company. For years 2021 and 2020, UTG paid $248,977 and $298,058 for costs associated with the aircraft, respectively. Effective January 1, 2007, UTG entered into administrative services and cost sharing agreements with its subsidiary. Under this arrangement, the subsidiary pays its proportionate share of expenses, based on an allocation formula. During 2021 and 2020, UG paid $6,824,829 and $7,262,645, respectively, in expenses. The Ohio Department of Insurance has approved the cost sharing agreement and it is Management’s opinion that where applicable, costs have been allocated fairly and such allocations are based upon accounting principles generally accepted in the United States of America. The Company from time to time acquires mortgage loans through participation agreements with FSNB. FSNB services the Company’s mortgage loans including those covered by the participation agreements. The Company pays a 0.25% servicing fee on these loans and a one-time fee at loan origination of 0.50% of the original loan cost to cover costs incurred by FSNB relating to the processing and establishment of the loan. The Company paid $23,508 and $23,721 in servicing fees and $48,901 and $35,240 in origination fees to FSNB during 2021 and 2020, respectively. Effective January 1, 2017, UTG entered into a shared services contract with FSNB. Pursuant to the terms of the agreement, UTG and FSNB will utilize the services of the other’s staff in certain instances for the betterment of both entities. Personnel within departments, such as accounting, human resources, and information technology, are shared between the entities. Costs of these resources are then reimbursed between the companies. The shared services arrangement provides benefits to both parties such as access to a greater pool of knowledgeable staff, efficiencies from elimination of redundancies and more streamlined operations. The Company reimbursed expenses incurred by employees of FSNB relating to salaries, travel and other costs incurred on behalf of or relating to the Company and received reimbursements from FSNB. The Company paid $895,100 and $766,616 in 2021 and 2020, respectively to FSNB in net reimbursement of such costs. Effective July 1, 2018, the Company assumed the employees of several smaller entities associated with UTG. The purpose of this was to support the continued efforts to further streamline operations amongst associated entities. The salaries, benefits, and payroll related processing fees are 100% reimbursed by the associated entities on a monthly basis. During 2021 and 2020, the Company received reimbursements of $947,689 and $838,431, respectively. The Company rents approximately 8,000 square feet of office space, located in Stanford, Kentucky, from FSNB and pays $2,000 per month in rent. The Company paid rent of $24,000 to FSNB during 2021 and 2020. As previously disclosed in the Notes Receivable section of Note 2 - Investments, several of the Company’s notes have participation agreements in place with third parties. Certain participation agreements are with FSF, a related party. The participation agreements are sold without recourse and assigned to the participant based on their pro-rata share of the principal, interest and collateral as specified in the participation agreements. The undivided participations in the notes receivable range from - . T he total amount of loans participated to FSF was $ and $ as of and , respectively. During 2021, UG purchased several real estate parcels from FSF at a cost of $1,502,035. UG also purchased one real estate parcel from FSNB in 2021 at a cost of $80,000. During 2020, UG purchased four real estate parcels from FSNB at a cost of $1,560,000. Also, during 2020, UG purchased UG-Cam, LLC from FSF at a cost of $539,508. At the time of purchase, UG-Cam, LLC owned four properties.

Other Cash Flow Disclosures

Other Cash Flow Disclosures	12 Months Ended
	Dec. 31, 2021
Other Cash Flow Disclosures [Abstract]
Other Cash Flow Disclosures	Note 12 – Other Cash Flow Disclosures On a cash basis, the Company paid the following expenses for the periods ended December 31: 2021 2020 Interest $ 785 $ 0 Federal income tax 1,202,000 2,531,500

Concentrations

Concentrations	12 Months Ended
	Dec. 31, 2021
Concentrations [Abstract]
Concentrations	Note 13 - Concentrations The Company maintains cash balances in financial institutions that at times may exceed federally insured limits. The Company maintains its primary operating cash accounts with First Southern National Bank, an affiliate of the largest shareholder of UTG, Mr. Jesse T. Correll, the Company’s CEO and Chairman. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents. Because UTG serves primarily individuals located in four states, the ability of our customers to pay their insurance premiums is impacted by the economic conditions in these areas. As of December 31, 2021 and 2020, approximately 55% and 56%, respectively, of the Company’s total direct premium was collected from Illinois, Ohio, Texas and West Virginia. Thus, results of operations are heavily dependent upon the strength of these economies. The Company reinsures that portion of insurance risk which is in excess of its retention limits. Retention limits range up to $125,000 per life. Life insurance ceded represented 20% of total life insurance in force at December 31, 2021 and 2020. Insurance ceded represented 36% and 37% of premium income for 2021 and 2020, respectively. The Company would be liable for the reinsured risks ceded to other companies to the extent that such reinsuring companies are unable to meet their obligations. The Company owns a variety of investments associated with the oil and gas industry. These investments represented approximately 22% and 20% of the Company’s total invested assets at December 31, 2021 and 2020, respectively. The following table provides an allocation of the oil and gas investments by type as of December 31: 2021 Land, Minerals & Royalty Interests Exploration Total Fixed maturities, at fair value $ 0 $ 1,249,040 $ 1,249,040 Equity securities, at fair value 60,932,033 0 60,932,033 Investment real estate 16,351,500 0 16,351,500 Notes receivable 5,000,000 0 5,000,000 Total $ 82,283,533 $ 1,249,040 $ 83,532,573 2020 Land, Minerals & Royalty Interests Exploration Total Fixed maturities, at fair value $ 0 $ 1,268,670 $ 1,268,670 Equity securities, at fair value 41,551,468 0 41,551,468 Investment real estate 20,031,576 0 20,031,576 Notes receivable 6,000,000 0 6,000,000 Total $ 67,583,044 $ 1,268,670 $ 68,851,714 As of December 31, 2021 and 2020, the Company owned two equity securities that represented approximately 53% and 47%, respectively, of the total investments associated with the oil and gas industry. The Company’s results of operations and financial condition have in the past been, and may in the future be, adversely affected by the degree of certain industry specific concentrations in the Company’s investment portfolio. The Company has significant exposure to investments associated with the oil and gas industry. Events or developments that have a negative effect on the oil and gas industry may adversely affect the valuation of our investments in this specific industry. The Company’s ability to sell its investments associated with the oil and gas industry may be limited.

Selected Quarterly Financial Da

Selected Quarterly Financial Data	12 Months Ended
	Dec. 31, 2021
Selected Quarterly Financial Data [Abstract]
Selected Quarterly Financial Data	Note 14 – Selected Quarterly Financial Data As a smaller reporting company, as defined by Rule 12b-2 of the Exchange Act and Item 10(f)(1) of Regulation S-K, the Company has elected to comply with certain scaled disclosure reporting obligations, and therefore does not have to provide the information required by this item.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
Principles of Consolidation	Principles of Consolidation
Business Segments	Business Segments
Investments	Investments Fixed Maturity Investments Equity Securities at Fair Value Equity Securities at Cost Mortgage Loans on Real Estate Investment Real Estate Notes Receivable Policy Loans Short-Term Investments Gains and Losses
Fair Value	Fair Value
Impairment of Investments	Impairment of Investments Current accounting guidance states that if an entity intends to sell or if it is more likely than not that it will be required to sell an impaired security prior to recovery of its cost basis, the security is to be considered other-than-temporarily impaired and the full amount of impairment must be charged to earnings. Otherwise, losses on fixed maturities which are other-than-temporarily impaired are separated into two categories, the portion of the loss which is considered credit loss and the portion of the loss which is due to other factors. The credit loss portion is charged to earnings while the loss due to other factors is charged to other comprehensive income.
Cash Equivalents and Cash	Cash Equivalents Cash
Reinsurance	Reinsurance Reinsurance receivables are recognized in a manner consistent with the liabilities relating to the underlying reinsured contracts. The cost of reinsurance related to long-duration contracts is accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies.
Cost of Insurance Acquired	Cost of Insurance Acquired -
Property and Equipment	Property and Equipment
Future Policy Benefits and Expenses	Future Policy Benefits and Expenses Benefit reserves for universal life insurance and interest sensitive life insurance products are computed under a retrospective deposit method and represent policy account balances before applicable surrender charges. Policy benefits and claims that are charged to expense include benefit claims in excess of related policy account balances. Interest crediting rates for universal life and interest sensitive products range from 3.0% to 6.0% as of December 31, 2021 and 2020.
Policy Claims and Benefits Payable	Policy Claims and Benefits Payable
Income Taxes	Income Taxes
Earnings Per Share	Earnings Per Share
Recognition of Revenues and Related Expenses	Recognition of Revenues and Related Expenses
Recently Issued Accounting Standards	Recently Issued Accounting Standards In November of 2020, the FASB issued Accounting Standards Update No. 2020-11, Financial Services-Insurance (Topic 944): Effective Date and Early Application. In January of 2020, the FASB issued Accounting Standards Update No. 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 In December of 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In August 2018, the FASB issued Accounting Standards Update No. 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts Accounting Standards Update (ASU 2016-13), Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments – The amendments included in ASU 2016-13 require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better evaluate their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 was originally effective for public companies for fiscal years beginning after December 15, 2019. In November of 2019, the FASB issued Accounting Standards Update No. 2019-10, which delayed the implementation of ASU 2016-13 to fiscal years beginning after December 15, 2022 for smaller reporting companies. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2021
Investments [Abstract]
Available for Sale Securities	Investments in available for sale securities are summarized as follows for the years ended December 31: 2021 Original or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investments available for sale: Fixed maturities U.S. Government and govt. agencies and authorities $ 25,312,358 $ 355,623 $ (17,078 ) $ 25,650,903 U.S. special revenue and assessments 7,540,867 982,668 0 8,523,535 All other corporate bonds 95,096,738 11,692,705 0 106,789,443 Total $ 127,949,963 $ 13,030,996 $ (17,078 ) $ 140,963,881 2020 Original or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investments available for sale: Fixed maturities U.S. Government and govt. agencies and authorities $ 36,285,535 $ 1,186,999 $ 0 $ 37,472,534 U.S. special revenue and assessments 11,556,980 1,382,164 0 12,939,144 All other corporate bonds 98,175,349 17,604,617 (411,647 ) 115,368,319 Total $ 146,017,864 $ 20,173,780 $ (411,647 ) $ 165,779,997
Debt Securities by Contractual Maturity	The amortized cost and estimated market value of debt securities at December 31, 2021, by contractual maturity, is shown 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. Fixed Maturities Available for Sale December 31, 2021 Amortized Cost Estimated Fair Value Due in one year or less $ 13,013,136 $ 13,149,867 Due after one year through five years 45,292,927 47,621,088 Due after five years through ten years 20,642,013 23,253,284 Due after ten years 22,169,876 25,273,390 Fixed maturities with no single maturity date 26,832,011 31,666,252 Total $ 127,949,963 $ 140,963,881
Fair Value of Investments with Sustained Gross Unrealized Losses	The fair value of investments with sustained gross unrealized losses are as follows as of December 31: 2021 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses U.S. Government and govt. agencies and authorities $ 4,042,825 (17,078) $ 0 0 $ 4,042,825 (17,078) Total fixed maturities $ 4,042,825 (17,078) $ 0 0 $ 4,042,825 (17,078) 2020 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses All other corporate bonds $ 4,937 (63) $ 0 (411,584) $ 4,937 (411,647) Total fixed maturities $ 4,937 (63) $ 0 (411,584) $ 4,937 (411,647)
Securities in Continuous Unrealized Loss Position	The following table provides additional information regarding the number of securities that were in an unrealized loss position for greater than or less than twelve months: Less than 12 months 12 months or longer Total As of December 31, 2021 Fixed maturities 3 0 3 As of December 31, 2020 Fixed maturities 1 1 2
Trading Revenue Charged to Investment Income from Trading Securities	The following table reflects trading securities revenue charged to net investment income for the periods ended December 31: 2021 2020 Net unrealized gains (losses) $ 2,059 $ (973 ) Net realized gains (losses) 20,509 3,894 Net unrealized and realized gains (losses) $ 22,568 $ 2,921
Maximum and Minimum Lending Rates for Mortgage Loan	During 2021 and 2020, the maximum and minimum lending rates for mortgage loans were: 2021 2020 Maximum rate Minimum rate Maximum rate Minimum rate Farm loans 6.00 % 4.50 % 4.50 % 4.50 % Commercial loans 5.50 % 4.10 % 5.25 % 4.24 % Residential loans 5.00 % 4.15 % 4.95 % 4.95 %
Discounted Mortgage Holdings	The following table summarizes the mortgage loan holdings of the Company for the periods ended December 31: 2021 2020 In good standing $ 27,102,789 $ 18,704,351 Overdue interest over 90 days 2,080,773 2,098,014 Total mortgage loans $ 29,183,562 $ 20,802,365 Total foreclosed loans during the year $ 0 $ 0
Investment Real Estate by Type	The following table provides an allocation of the Company’s investment real estate by type for the periods ended December 31: 2021 2020 Raw land $ 14,538,507 $ 11,727,103 Commercial 4,347,423 3,530,064 Residential 3,813,936 2,797,648 Land, minerals and royalty interests 17,048,395 20,031,576 Total investment real estate $ 39,748,261 $ 38,086,391
Schedule of Net Investment Income	The following table reflects the Company’s net investment income for the periods ended December 31: 2021 2020 Fixed maturities $ 4,566,293 $ 5,309,028 Equity securities 1,274,147 1,754,958 Trading securities 22,568 2,921 Mortgage loans 706,883 709,604 Real estate 3,241,689 2,212,851 Notes receivable 1,558,406 1,233,148 Policy loans 606,347 599,897 Cash and cash equivalents 2,567 53,880 Short-term 0 167,599 Total consolidated investment income 11,978,900 12,043,886 Investment expenses (2,928,575 ) (2,514,938 ) Consolidated net investment income $ 9,050,325 $ 9,528,948
Net Realized Investment Gains and Losses	The following table presents net investment gains (losses) and the change in net unrealized gains on investments for the periods ended December 31: 2021 2020 Realized gains: Sales of fixed maturities $ 55,867 $ 768,511 Sales of equity securities 3,142,720 0 Sales of real estate 2,877,808 4,347,705 Total realized gains 6,076,395 5,116,216 Realized losses: Sales of fixed maturities 0 (64,992) Sales of equity securities (54,742) (405,525) Other-than-temporary impairments (393,455) 0 Total realized losses (448,197) (470,517) Net realized investment gains 5,628,198 4,645,699 Change in fair value of equity securities: Change in fair value of equity securities held at the end of the period 14,121,883 6,208,148 Change in fair value of equity securities 14,121,883 6,208,148 Net investment gains $ 19,750,081 $ 10,853,847 Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income: Fixed maturities $ (7,085,803) $ 9,065,958 Net increase (decrease) $ (7,085,803) $ 9,065,958
Other than Temporary Impairment	Based on Management’s review of the investment portfolio, the Company recorded the following losses for other-than-temporary impairments in the Consolidated Statements of Operations for the periods ended December 31: 2021 2020 Other than temporary impairments: Fixed maturities $ 393,455 $ 0 Total other than temporary impairments $ 393,455 $ 0

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Measurements [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used as of December 31: 2021 Level 1 Level 2 Level 3 Net Asset Value Total Financial assets: Fixed maturities available for sale: U.S. Government and government agencies and authorities $ 25,650,903 $ 0 $ 0 $ 0 $ 25,650,903 U.S. special revenue and assessments 0 8,523,535 0 0 8,523,535 Corporate securities 0 106,789,443 0 0 106,789,443 Total fixed maturities 25,650,903 115,312,978 0 0 140,963,881 Equity securities: Common stocks 40,784,660 16,711,180 5,861,486 57,603,597 120,960,923 Preferred stocks 0 21,198 1,247,000 0 1,268,198 Total equity securities 40,784,660 16,732,378 7,108,486 57,603,597 122,229,121 Total financial assets $ 66,435,563 $ 132,045,356 $ 7,108,486 $ 57,603,597 $ 263,193,002 Liabilities Trading Securities $ (1,116 ) $ 0 $ 0 $ 0 $ (1,116 ) 2020 Level 1 Level 2 Level 3 Net Asset Value Total Financial assets: Fixed maturities available for sale: U.S. Government and government agencies and authorities $ 37,472,534 $ 0 $ 0 $ 0 $ 37,472,534 U.S. special revenue and assessments 0 12,939,144 0 0 12,939,144 Corporate securities 0 115,368,319 0 0 115,368,319 Total fixed maturities 37,472,534 128,307,463 0 0 165,779,997 Equity securities: Common stocks 28,477,005 15,922,869 3,161,120 30,496,625 78,057,619 Preferred stocks 0 17,568 0 0 17,568 Total equity securities 28,477,005 15,940,437 3,161,120 30,496,625 78,075,187 Total financial assets $ 65,949,539 $ 144,247,900 $ 3,161,120 $ 30,496,625 $ 243,855,184 Liabilities Trading Securities $ (12,219 ) $ 0 $ 0 $ 0 $ (12,219 )
Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis	The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities. Equity Securities, Fair Value Equity Securities, Net Asset Value Total Balance at December 31, 2020 $ 3,161,120 $ 30,496,625 $ 33,657,745 Realized gains (losses) 851,307 0 851,307 Unrealized gains (losses) (237,803 ) 6,642,410 6,404,607 Purchases 4,185,169 20,542,073 24,727,242 Sales (851,307 ) (77,511 ) (928,818 ) Balance at December 31, 2021 $ 7,108,486 $ 57,603,597 $ 64,712,083
Quantitative Information About Level 3 Fair Value Measurements	The following table presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and include only those instrument for which information about the inputs is reasonably available to the Company, such as data from independent third-party valuation service providers and from internal valuation models. Financial Assets Fair Value at December 31, 2021 Fair Value at December 31, 2020 Valuation Technique Common stocks $ 57,603,597 $ 30,496,625 Net Asset Value Common stocks 7,108,486 3,161,120 Pricing Model Total $ 64,712,083 $ 33,657,745
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share	Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share Investment Category Fair Value at December 31, 2021 Unfunded Commitments Redemption Frequency Redemption Notice Period Common stocks Growth equity Redeemable $ 28,546,227 $ 0 Quarterly 45 days Non-redeemable 29,057,370 5,288,967 n/a n/a Total $ 57,603,597 $ 5,288,967 Investment Category Fair Value at December 31, 2020 Unfunded Commitments Redemption Frequency Redemption Notice Period Common stocks Growth equity Redeemable $ 21,713,727 $ 0 Quarterly 45 days Non-redeemable 8,782,898 6,856,072 n/a n/a Total $ 30,496,625 $ 6,856,072
Carrying Values and Estimated Fair Values of Financial Instruments not Recorded at Fair Value	The following table presents the carrying amount and estimated fair values of the Company’s financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used as of December 31: 2021 Carrying Amount Estimated FairValue Level 1 Level 2 Level 3 Assets Common stock, at cost $ 5,860,000 $ 5,860,000 $ 0 $ 0 $ 5,860,000 Preferred stock, at cost 8,683,343 8,683,343 0 0 8,683,343 Mortgage loans on real estate 29,183,562 29,183,562 0 0 29,183,562 Investment real estate 39,748,261 96,463,112 0 0 96,463,112 Notes receivable 17,722,976 17,722,976 0 0 17,722,976 Policy loans 7,390,497 7,390,497 0 0 7,390,497 Liabilities Notes payable 24,000,000 24,000,000 0 24,000,000 0 2020 Carrying Amount Estimated FairValue Level 1 Level 2 Level 3 Common stock, at cost $ 5,860,000 $ 5,860,000 $ 0 $ 0 $ 5,860,000 Preferred stock, at cost 8,529,189 8,529,189 0 0 8,529,189 Mortgage loans on real estate 20,802,365 20,802,365 0 0 20,802,365 Investment real estate 38,086,391 82,689,332 0 0 82,689,332 Notes receivable 17,682,296 17,709,894 0 0 17,709,894 Policy loans 8,590,524 8,590,524 0 0 8,590,524

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2021
Reinsurance [Abstract]
Effect of long duration reinsurance contracts on premiums earned	The Company does not have any short-duration reinsurance contracts. The effect of the Company’s long-duration reinsurance contracts on premiums earned in 2021 and 2020 were as follows: 2021 2020 Premiums Earned Premiums Earned Direct $ 9,080,076 $ 9,256,992 Assumed (37 ) (47 ) Ceded (2,680,050 ) (2,725,303 ) Net Premiums $ 6,399,989 $ 6,531,642

Cost of Insurance Acquired (Tab

Cost of Insurance Acquired (Tables)	12 Months Ended
	Dec. 31, 2021
Cost of Insurance Acquired [Abstract]
Cost of Insurance Acquired	When an insurance company is acquired, the Company assigns a portion of its cost to the right to receive future cash flows from insurance contracts existing at the date of the acquisition. The cost of policies purchased represents the actuarially determined present value of the projected future profits from the acquired policies. Cost of insurance acquired is amortized with interest in relation to expected future profits, including direct charge-offs for any excess of the unamortized asset over the projected future profits. The interest rates utilized may vary due to differences in the blocks of business. The interest rate utilized in the amortization calculation of the remaining cost of insurance acquired is 12%. The amortization is adjusted retrospectively when estimates of current or future gross profits to be realized from a group of products are revised. 2021 2020 Cost of insurance acquired, beginning of year $ 4,101,471 $ 4,846,321 Interest accretion 587,120 676,503 Amortization (1,302,090 ) (1,421,353 ) Net amortization (714,970 ) (744,850 ) Cost of insurance acquired, end of year $ 3,386,501 $ 4,101,471
Estimated Net Amortization Expense of Cost of Insurance Acquired for Next Five Years	Estimated net amortization expense of cost of insurance acquired for the next five years is as follows: Interest Accretion Amortization Net Amortization 2022 501,324 1,189,672 688,348 2023 418,722 1,079,979 661,257 2024 339,372 975,187 635,815 2025 263,074 877,240 614,166 2026 189,374 799,520 610,146

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Taxes [Abstract]
Income tax expense (benefits)	Income tax expense (benefit) consists of the following components: 2021 2020 Current tax $ (32,134 ) $ 2,476,599 Deferred tax 2,101,807 (2,136,105 ) Income tax expense $ 2,069,673 $ 340,494
Income tax expense (benefit) reconciliation	The expense for income taxes differed from the amounts computed by applying the applicable United States statutory rate of 21% as of December 31, 2021 and 2020, before income taxes as a result of the following differences: 2021 2020 Tax computed at statutory rate $ 2,483,215 $ 536,982 Changes in taxes due to: Non-controlling interest (19,340 ) (26,871 ) Dividend received deduction (107,180 ) (155,597 ) Oil and gas royalties depletion (60,969 ) (541 ) Other (226,053 ) (13,479 ) Income tax expense $ 2,069,673 $ 340,494
Major components that comprise the deferred tax liability	The following table summarizes the major components that comprise the net deferred tax liability as reflected in the balance sheets: 2021 2020 Investments $ 12,159,338 $ 10,918,449 Cost of insurance acquired 711,165 861,309 Management/consulting fees (8,518 ) (8,832 ) Future policy benefits (447,958 ) (511,297 ) Deferred gain on sale of subsidiary 1,387,490 1,387,490 Other assets (liabilities) (57,783 ) 364,797 Reserves adjustment 192,212 240,266 Federal tax DAC (255,550 ) (256,468 ) Deferred tax liability $ 13,680,396 $ 12,995,714

Credit Arrangements (Tables)

Credit Arrangements (Tables)	12 Months Ended
	Dec. 31, 2021
Credit Arrangements [Abstract]
Credit Arrangements	At December 31, 2021 and 2020, the Company had the following lines of credit available: Instrument Issue Date Maturity Date Revolving Credit Limit December 31, 2020 Borrowings Repayments December 31, 2021 Lines of Credit: UTG 11/20/2013 11/20/2022 $ 8,000,000 $ 0 0 0 $ 0 UG - CMA 10/21/2021 10/7/2022 25,000,000 0 24,000,000 0 24,000,000 UG - REPO 10/21/2021 10/7/2022 25,000,000 0 0 0 0

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies [Abstract]
Total Funding Commitments and Unfunded Commitment	The following table represents the total funding commitments and the unfunded commitment as of December 31, 2021 related to certain investments: Total Funding Commitment Unfunded Commitment RLF III, LLC $ 4,000,000 $ 398,120 Sovereign’s Capital, LP Fund I 500,000 13,000 Sovereign's Capital, LP Fund II 1,000,000 92,034 Sovereign's Capital, LP Fund III 3,000,000 641,440 Macritchie Storage II, LP 7,000,750 833,358 Garden City Companies, LLC 2,000,000 1,855,039 Carrizo Springs Music, LLC 5,000,000 189,711 Legacy Venture X, LLC 3,000,000 2,250,000 QCC Investment Co., LLC 1,500,000 150,000 Great American Media Group, LLC 4,000,000 1,520,000 Sovereign's Capital Evergreen Fund I, LLC 3,000,000 300,454

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Shareholders' Equity [Abstract]
Reconciliation of the numerators and denominators of the basic and diluted EPS	The following is a reconciliation of basic and diluted weighted average shares outstanding used in the computation of basic and diluted earnings per share: 2021 2020 Basic weighted average shares outstanding 3,171,919 3,233,773 Weighted average dilutive options outstanding 0 0 Diluted weighted average shares outstanding 3,171,919 3,233,773

Statutory Accounting (Tables)

Statutory Accounting (Tables)	12 Months Ended
	Dec. 31, 2021
Statutory Accounting [Abstract]
Statutory Basis Net Income and Capital Surplus	The following table reflects UG’s statutory basis net income and capital and surplus (shareholders’ equity) as of December 31: 2021 2020 Net income $ 450,976 $ 6,258,945 Capital and surplus 64,726,088 70,605,156

Other Cash Flow Disclosures (Ta

Other Cash Flow Disclosures (Tables)	12 Months Ended
	Dec. 31, 2021
Other Cash Flow Disclosures [Abstract]
Expenses Paid on a Cash Basis	On a cash basis, the Company paid the following expenses for the periods ended December 31: 2021 2020 Interest $ 785 $ 0 Federal income tax 1,202,000 2,531,500

Concentrations (Tables)

Concentrations (Tables)	12 Months Ended
	Dec. 31, 2021
Concentrations [Abstract]
Allocation of Oil and Gas Investments by Type	The Company owns a variety of investments associated with the oil and gas industry. These investments represented approximately 22% and 20% of the Company’s total invested assets at December 31, 2021 and 2020, respectively. The following table provides an allocation of the oil and gas investments by type as of December 31: 2021 Land, Minerals & Royalty Interests Exploration Total Fixed maturities, at fair value $ 0 $ 1,249,040 $ 1,249,040 Equity securities, at fair value 60,932,033 0 60,932,033 Investment real estate 16,351,500 0 16,351,500 Notes receivable 5,000,000 0 5,000,000 Total $ 82,283,533 $ 1,249,040 $ 83,532,573 2020 Land, Minerals & Royalty Interests Exploration Total Fixed maturities, at fair value $ 0 $ 1,268,670 $ 1,268,670 Equity securities, at fair value 41,551,468 0 41,551,468 Investment real estate 20,031,576 0 20,031,576 Notes receivable 6,000,000 0 6,000,000 Total $ 67,583,044 $ 1,268,670 $ 68,851,714

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2021USD ($)Segment	Dec. 31, 2020USD ($)
Business Segments [Abstract]
Number of business segments | Segment	1
Reinsurance [Abstract]
Maximum retention limits per life	$ 125,000
Property and Equipment [Abstract]
Accumulated depreciation	2,123,831	$ 5,995,990
Depreciation expense	$ 66,517	$ 79,565
Chief Executive Officer and Chairman of the Board [Member]
Ownership Interest [Abstract]
Ownership interest percentage	65.00%
Minimum [Member]
Investment Real Estate [Abstract]
Estimated useful life	3 years
Property and Equipment [Abstract]
Estimated useful lives	3 years
Maximum [Member]
Investment Real Estate [Abstract]
Estimated useful life	30 years
Property and Equipment [Abstract]
Estimated useful lives	30 years
Life Insurance [Member] | Minimum [Member]
Future Policy Benefits and Expenses [Abstract]
Liability for future policy benefits, interest rate	2.00%
Life Insurance [Member] | Maximum [Member]
Future Policy Benefits and Expenses [Abstract]
Liability for future policy benefits, interest rate	6.00%
Annuities [Member] | Minimum [Member]
Future Policy Benefits and Expenses [Abstract]
Liability for future policy benefits, interest rate	2.50%
Annuities [Member] | Maximum [Member]
Future Policy Benefits and Expenses [Abstract]
Liability for future policy benefits, interest rate	7.50%
Universal Life [Member] | Minimum [Member]
Future Policy Benefits and Expenses [Abstract]
Interest crediting rates	3.00%	3.00%
Universal Life [Member] | Maximum [Member]
Future Policy Benefits and Expenses [Abstract]
Interest crediting rates	6.00%	6.00%
Interest Sensitive Life [Member] | Minimum [Member]
Future Policy Benefits and Expenses [Abstract]
Interest crediting rates	3.00%	3.00%
Interest Sensitive Life [Member] | Maximum [Member]
Future Policy Benefits and Expenses [Abstract]
Interest crediting rates	6.00%	6.00%
FSBI [Member] | FSNB [Member]
Ownership Interest [Abstract]
Ownership in subsidiary bank	100.00%

Investments, Available for Sale

Investments, Available for Sale Securities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Fixed maturities [Abstract]
Original or amortized cost	$ 127,949,963	$ 146,017,864
Gross unrealized gains	13,030,996	20,173,780
Gross unrealized losses	(17,078)	(411,647)
Estimated fair value	140,963,881	165,779,997
U.S. Government and Govt. Agencies and Authorities [Member]
Fixed maturities [Abstract]
Original or amortized cost	25,312,358	36,285,535
Gross unrealized gains	355,623	1,186,999
Gross unrealized losses	(17,078)	0
Estimated fair value	25,650,903	37,472,534
U.S. Special Revenue and Assessments [Member]
Fixed maturities [Abstract]
Original or amortized cost	7,540,867	11,556,980
Gross unrealized gains	982,668	1,382,164
Gross unrealized losses	0	0
Estimated fair value	8,523,535	12,939,144
All Other Corporate Bonds [Member]
Fixed maturities [Abstract]
Original or amortized cost	95,096,738	98,175,349
Gross unrealized gains	11,692,705	17,604,617
Gross unrealized losses	0	(411,647)
Estimated fair value	$ 106,789,443	$ 115,368,319

Investments, Debt Securities by

Investments, Debt Securities by Contractual Maturity (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Amortized cost [Abstract]
Due in one year or less	$ 13,013,136
Due after one year through five years	45,292,927
Due after five years through ten years	20,642,013
Due after ten years	22,169,876
Fixed maturities with no single maturity date	26,832,011
Original or amortized cost	127,949,963	$ 146,017,864
Estimated fair value [Abstract]
Due in one year or less	13,149,867
Due after one year through five years	47,621,088
Due after five years through ten years	23,253,284
Due after ten years	25,273,390
Fixed maturities with no single maturity date	31,666,252
Estimated fair value	140,963,881	$ 165,779,997
Amortized cost of investment in fixed maturities rated below investment grade	$ 0

Investments, Investments with S

Investments, Investments with Sustained Gross Unrealized Losses (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Fixed Maturities, Fair Value [Abstract]
Less than 12 months	$ 4,042,825	$ 4,937
12 months or longer, fair value	0	0
Total	4,042,825	4,937
Fixed Maturities, Unrealized Losses [Abstract]
Less than 12 months	(17,078)	(63)
12 months or longer	0	(411,584)
Total	(17,078)	(411,647)
U.S. Government and Govt. Agencies and Authorities [Member]
Fixed Maturities, Fair Value [Abstract]
Less than 12 months	4,042,825
12 months or longer, fair value	0
Total	4,042,825
Fixed Maturities, Unrealized Losses [Abstract]
Less than 12 months	(17,078)
12 months or longer	0
Total	$ (17,078)
All Other Corporate Bonds [Member]
Fixed Maturities, Fair Value [Abstract]
Less than 12 months		4,937
12 months or longer, fair value		0
Total		4,937
Fixed Maturities, Unrealized Losses [Abstract]
Less than 12 months		(63)
12 months or longer		(411,584)
Total		$ (411,647)

Investments, Number of Securiti

Investments, Number of Securities in Unrealized Loss Position (Details) - Security	Dec. 31, 2021	Dec. 31, 2020
Fixed Maturities, Number of Securities in Unrealized Loss Position [Abstract]
Less than 12 months	3	1
12 months or longer	0	1
Total	3	2

Investments, Cost Method Invest

Investments, Cost Method Investments (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Investments [Abstract]
Equity securities, at cost	$ 14,543,343	$ 14,389,189

Investments, Trading Securities

Investments, Trading Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Trading Securities [Abstract]
Fair value, derivatives included in trading security assets	$ 0	$ 0
Fair value, derivative included in trading security liabilities	1,116	12,219
Trading Revenue Charged to Net Investment Income from Trading Securities [Abstract]
Net unrealized gains (losses)	2,059	(973)
Net realized gains (losses)	20,509	3,894
Net unrealized and realized gains (losses)	$ 22,568	$ 2,921

Investments, Mortgage Loans, In

Investments, Mortgage Loans, Investment Real Estate, Notes Receivables, and Short-Term Investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Mortgage Loans [Abstract]
Mortgage loans acquired, including discounted mortgage loans	$ 20,634,252	$ 13,213,037
Servicing fee on loan	0.25%
Loan origination	0.50%
Loan limit threshold for appraised property value	80.00%
Mortgage loans reserve	$ 0	0
Mortgage loan holdings [Abstract]
Total mortgage loans	29,183,562	20,802,365
Total foreclosed loans during the year	0	0
Investment Real Estate [Abstract]
Impairment on investment real estate	0	0
Total investment real estate	$ 39,748,261	$ 38,086,391
Oil & Gas Royalties - as a % of total Inv RE	43.00%	48.00%
Investment real estate acquired	$ 10,960,910	$ 2,995,519
Notes receivable [Abstract]
Valuation allowance	0	0
Notes Receivable acquired	8,680,000	3,500,000
Short-Term Investments [Abstract]
Short-term investments acquired	$ 0	7,890,228
Minimum [Member]
Mortgage Loans [Abstract]
Loan delinquent period after which letters are sent to mortgagee	30 days
Loan delinquent period after which monthly listing of loans are provided to management	60 days
Loan delinquent period after which loans are placed on non-performing status and classified as delinquent loans	90 days
Investment Real Estate [Abstract]
Estimated useful life	3 years
Maximum [Member]
Investment Real Estate [Abstract]
Estimated useful life	30 years
Raw Land [Member]
Investment Real Estate [Abstract]
Total investment real estate	$ 14,538,507	11,727,103
Commercial [Member]
Investment Real Estate [Abstract]
Total investment real estate	4,347,423	3,530,064
Residential [Member]
Investment Real Estate [Abstract]
Total investment real estate	3,813,936	2,797,648
Land, Minerals and Royalty Interests [Member]
Investment Real Estate [Abstract]
Total investment real estate	17,048,395	20,031,576
In Good Standing [Member]
Mortgage loan holdings [Abstract]
Total mortgage loans	27,102,789	18,704,351
Overdue Interest over 90 Days [Member]
Mortgage loan holdings [Abstract]
Total mortgage loans	$ 2,080,773	$ 2,098,014
Farm Loans [Member] | Minimum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	4.50%	4.50%
Farm Loans [Member] | Maximum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	6.00%	4.50%
Commercial Loans [Member] | Minimum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	4.10%	4.24%
Commercial Loans [Member] | Maximum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	5.50%	5.25%
Residential Loans [Member] | Minimum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	4.15%	4.95%
Residential Loans [Member] | Maximum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	5.00%	4.95%

Investments, Net Investment Inc

Investments, Net Investment Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net Investment Income [Abstract]
Total consolidated investment income	$ 11,978,900	$ 12,043,886
Investment expenses	(2,928,575)	(2,514,938)
Consolidated net investment income	9,050,325	9,528,948
Fixed Maturities [Member]
Net Investment Income [Abstract]
Total consolidated investment income	4,566,293	5,309,028
Equity Securities [Member]
Net Investment Income [Abstract]
Total consolidated investment income	1,274,147	1,754,958
Trading Securities [Member]
Net Investment Income [Abstract]
Total consolidated investment income	22,568	2,921
Mortgage Loans [Member]
Net Investment Income [Abstract]
Total consolidated investment income	706,883	709,604
Real Estate [Member]
Net Investment Income [Abstract]
Total consolidated investment income	3,241,689	2,212,851
Notes Receivable [Member]
Net Investment Income [Abstract]
Total consolidated investment income	1,558,406	1,233,148
Policy Loans [Member]
Net Investment Income [Abstract]
Total consolidated investment income	606,347	599,897
Cash and Cash Equivalents [Member]
Net Investment Income [Abstract]
Total consolidated investment income	2,567	53,880
Short-term [Member]
Net Investment Income [Abstract]
Total consolidated investment income	$ 0	$ 167,599

Investments, Net Realized Inves

Investments, Net Realized Investment Gains and Losses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Realized gains on available-for-sale investments [Abstract]
Total realized gains	$ 6,076,395	$ 5,116,216
Realized losses on available-for-sale investments [Abstract]
Other-than-temporary impairments	(393,455)	0
Total realized losses	(448,197)	(470,517)
Net realized investment gains	5,628,198	4,645,699
Change in fair value of equity securities [Abstract]
Change in fair value of equity securities held at the end of the period	14,121,883	6,208,148
Change in fair value of equity securities	14,121,883	6,208,148
Total net investment gains	19,750,081	10,853,847
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income [Abstract]
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income	(7,085,803)	9,065,958
Fixed Maturities [Member]
Realized gains on available-for-sale investments [Abstract]
Total realized gains	55,867	768,511
Realized losses on available-for-sale investments [Abstract]
Other-than-temporary impairments	(393,455)	0
Total realized losses	0	(64,992)
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income [Abstract]
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income	(7,085,803)	9,065,958
Equity Securities [Member]
Realized gains on available-for-sale investments [Abstract]
Total realized gains	3,142,720	0
Realized losses on available-for-sale investments [Abstract]
Total realized losses	(54,742)	(405,525)
Real Estate [Member]
Realized gains on available-for-sale investments [Abstract]
Total realized gains	$ 2,877,808	$ 4,347,705

Investments, Other-Than-Tempora

Investments, Other-Than-Temporary Impairments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Other than Temporary Impairment Losses [Abstract]
Other-than-temporary impairments	$ 393,455	$ 0
Fixed Maturities [Member]
Other than Temporary Impairment Losses [Abstract]
Other-than-temporary impairments	$ 393,455	$ 0

Investments, Investment on Depo

Investments, Investment on Deposits (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Investments [Abstract]
Fair value of investments on deposit with state insurance departments	$ 8,401,031	$ 8,680,638

Fair Value Measurements, Financ

Fair Value Measurements, Financial Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Assets [Abstract]
Fixed maturities available for sale	$ 140,963,881	$ 165,779,997
Equity securities	122,229,121	78,075,187
Liabilities [Abstract]
Trading Securities	(1,116)	(12,219)
U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	25,650,903	37,472,534
U.S. Special Revenue and Assessments [Member]
Assets [Abstract]
Fixed maturities available for sale	8,523,535	12,939,144
Net Asset Value [Member]
Assets [Abstract]
Equity securities	57,603,597	30,496,625
Measured on a Recurring Basis [Member]
Assets [Abstract]
Fixed maturities available for sale	140,963,881	165,779,997
Equity securities	122,229,121	78,075,187
Total financial assets	263,193,002	243,855,184
Liabilities [Abstract]
Trading Securities	(1,116)	(12,219)
Measured on a Recurring Basis [Member] | U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	25,650,903	37,472,534
Measured on a Recurring Basis [Member] | U.S. Special Revenue and Assessments [Member]
Assets [Abstract]
Fixed maturities available for sale	8,523,535	12,939,144
Measured on a Recurring Basis [Member] | Corporate Securities [Member]
Assets [Abstract]
Fixed maturities available for sale	106,789,443	115,368,319
Measured on a Recurring Basis [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities	120,960,923	78,057,619
Measured on a Recurring Basis [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities	1,268,198	17,568
Measured on a Recurring Basis [Member] | Net Asset Value [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Equity securities	57,603,597	30,496,625
Total financial assets	57,603,597	30,496,625
Liabilities [Abstract]
Trading Securities	0	0
Measured on a Recurring Basis [Member] | Net Asset Value [Member] | U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Net Asset Value [Member] | U.S. Special Revenue and Assessments [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Net Asset Value [Member] | Corporate Securities [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Net Asset Value [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities	57,603,597	30,496,625
Measured on a Recurring Basis [Member] | Net Asset Value [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 1 [Member]
Assets [Abstract]
Fixed maturities available for sale	25,650,903	37,472,534
Equity securities	40,784,660	28,477,005
Total financial assets	66,435,563	65,949,539
Liabilities [Abstract]
Trading Securities	(1,116)	(12,219)
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 1 [Member] | U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	25,650,903	37,472,534
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 1 [Member] | U.S. Special Revenue and Assessments [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 1 [Member] | Corporate Securities [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 1 [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities	40,784,660	28,477,005
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 1 [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member]
Assets [Abstract]
Fixed maturities available for sale	115,312,978	128,307,463
Equity securities	16,732,378	15,940,437
Total financial assets	132,045,356	144,247,900
Liabilities [Abstract]
Trading Securities	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member] | U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member] | U.S. Special Revenue and Assessments [Member]
Assets [Abstract]
Fixed maturities available for sale	8,523,535	12,939,144
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member] | Corporate Securities [Member]
Assets [Abstract]
Fixed maturities available for sale	106,789,443	115,368,319
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities	16,711,180	15,922,869
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities	21,198	17,568
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 3 [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Equity securities	7,108,486	3,161,120
Total financial assets	7,108,486	3,161,120
Liabilities [Abstract]
Trading Securities	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 3 [Member] | U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 3 [Member] | U.S. Special Revenue and Assessments [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 3 [Member] | Corporate Securities [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 3 [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities	5,861,486	3,161,120
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 3 [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities	$ 1,247,000	$ 0

Fair Value Measurements, Reconc

Fair Value Measurements, Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis (Details)	12 Months Ended
	Dec. 31, 2021USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 33,657,745
Total unrealized gain or (losses) [Abstract]
Realized gains (losses)	851,307
Unrealized gains (losses)	6,404,607
Purchases	24,727,242
Sales	(928,818)
Ending Balance	64,712,083
Beginning Balance	33,657,745
Total unrealized gain or (losses) [Abstract]
Ending Balance	64,712,083
Equity Securities [Member]
Total unrealized gain or (losses) [Abstract]
Beginning Balance	3,161,120
Total unrealized gain or (losses) [Abstract]
Realized gains (losses)	851,307
Unrealized gains (losses)	(237,803)
Purchases	4,185,169
Sales	(851,307)
Ending Balance	7,108,486
Equity Securities Measured at Net Asset Value [Member]
Total unrealized gain or (losses) [Abstract]
Beginning Balance	30,496,625
Total unrealized gain or (losses) [Abstract]
Realized gains (losses)	0
Unrealized gains (losses)	6,642,410
Purchases	20,542,073
Sales	(77,511)
Ending Balance	$ 57,603,597

Fair Value Measurements, Quanti

Fair Value Measurements, Quantitative Information About Level 3 and Investments in Certain Entities Carried at Fair Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Information about Significant Unobservable Inputs Used for Recurring Fair Value Measurements for Certain Level 3 Instruments [Abstract]
Financial assets, fair value	$ 64,712,083	$ 33,657,745
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share [Abstract]
Equity securities	122,229,121	78,075,187
Net Asset Value [Member]
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share [Abstract]
Equity securities	57,603,597	30,496,625
Unfunded commitments	5,288,967	6,856,072
Net Asset Value [Member] | Growth Equity Redeemable [Member]
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share [Abstract]
Equity securities	28,546,227	21,713,727
Unfunded commitments	$ 0	$ 0
Redemption frequency	Quarterly
Redemption notice period	45 days	45 days
Net Asset Value [Member] | Growth Equity Non-Redeemable [Member]
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share [Abstract]
Equity securities	$ 29,057,370	$ 8,782,898
Unfunded commitments	5,288,967	6,856,072
Net Asset Value [Member] | Common Stock [Member]
Information about Significant Unobservable Inputs Used for Recurring Fair Value Measurements for Certain Level 3 Instruments [Abstract]
Financial assets, fair value	57,603,597	30,496,625
Pricing Model [Member] | Common Stock [Member]
Information about Significant Unobservable Inputs Used for Recurring Fair Value Measurements for Certain Level 3 Instruments [Abstract]
Financial assets, fair value	$ 7,108,486	$ 3,161,120

Fair Value Measurements, Carryi

Fair Value Measurements, Carrying Values and Estimated Fair Values of Financial Instruments not Recorded at Fair Value (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Assets [Abstract]
Equity securities, at cost	$ 14,543,343	$ 14,389,189
Minimum [Member]
Liabilities [Abstract]
Policy loan interest rate	4.00%
Maximum [Member]
Liabilities [Abstract]
Policy loan interest rate	8.00%
Level 1 [Member]
Assets [Abstract]
Mortgage loans on real estate	$ 0	0
Investment real estate	0	0
Notes receivable	0	0
Policy loans	0	0
Liabilities [Abstract]
Notes Payable	0
Level 1 [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities, at cost	0	0
Level 1 [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities, at cost	0	0
Level 2 [Member]
Assets [Abstract]
Mortgage loans on real estate	0	0
Investment real estate	0	0
Notes receivable	0	0
Policy loans	0	0
Liabilities [Abstract]
Notes Payable	24,000,000
Level 2 [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities, at cost	0	0
Level 2 [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities, at cost	0	0
Level 3 [Member]
Assets [Abstract]
Mortgage loans on real estate	29,183,562	20,802,365
Investment real estate	96,463,112	82,689,332
Notes receivable	17,722,976	17,709,894
Policy loans	7,390,497	8,590,524
Liabilities [Abstract]
Notes Payable	0
Level 3 [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities, at cost	5,860,000	5,860,000
Level 3 [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities, at cost	8,683,343	8,529,189
Carrying Amount [Member]
Assets [Abstract]
Mortgage loans on real estate	29,183,562	20,802,365
Investment real estate	39,748,261	38,086,391
Notes receivable	17,722,976	17,682,296
Policy loans	7,390,497	8,590,524
Liabilities [Abstract]
Notes Payable	24,000,000
Carrying Amount [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities, at cost	5,860,000	5,860,000
Carrying Amount [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities, at cost	8,683,343	8,529,189
Estimated Fair Value [Member]
Assets [Abstract]
Mortgage loans on real estate	29,183,562	20,802,365
Investment real estate	96,463,112	82,689,332
Notes receivable	17,722,976	17,709,894
Policy loans	7,390,497	8,590,524
Liabilities [Abstract]
Notes Payable	24,000,000
Estimated Fair Value [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities, at cost	5,860,000	5,860,000
Estimated Fair Value [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities, at cost	$ 8,683,343	$ 8,529,189

Reinsurance (Details)

Reinsurance (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reinsurance [Abstract]
Retention amount limit	$ 125,000
Gross insurance in force	948,000,000	$ 1,000,000,000
Gross insurance ceded to reinsurers	193,000,000	$ 206,000,000
Retention limit amount of reinsurers	100,000
Cession on retention limit	$ 25,000
Percentage of reinsurers in force on accidental death benefits	100.00%
Percentage of future results sold	100.00%
Percentage in terms of reinsurance reserve credit	64.00%	64.00%
Effect of long duration reinsurance contracts on premiums earned [Abstract]
Direct	$ 9,080,076	$ 9,256,992
Assumed	(37)	(47)
Ceded	(2,680,050)	(2,725,303)
Net Premiums	$ 6,399,989	$ 6,531,642

Cost of Insurance Acquired (Det

Cost of Insurance Acquired (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cost of insurance acquired [Roll Forward]
Interest rate used in amortization calculation	12.00%
Cost of insurance acquired, beginning of year	$ 4,101,471	$ 4,846,321
Interest accretion	587,120	676,503
Amortization	(1,302,090)	(1,421,353)
Net amortization	(714,970)	(744,850)
Cost of insurance acquired, end of year	3,386,501	$ 4,101,471
Interest Accretion [Abstract]
2022	501,324
2023	418,722
2024	339,372
2025	263,074
2026	189,374
Amortization [Abstract]
2022	1,189,672
2023	1,079,979
2024	975,187
2025	877,240
2026	799,520
Net Amortization [Abstract]
2022	688,348
2023	661,257
2024	635,815
2025	614,166
2026	$ 610,146

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income tax expense (benefit) [Abstract]
Current tax	$ (32,134)	$ 2,476,599
Deferred tax	2,101,807	(2,136,105)
Income tax expense	$ 2,069,673	$ 340,494
Income tax expense (benefit) reconciliation [Abstract]
United States statutory rate	21.00%	21.00%
Tax computed at statutory rate	$ 2,483,215	$ 536,982
Changes in taxes due to: [Abstract]
Non-controlling interest	(19,340)	(26,871)
Dividend received deduction	(107,180)	(155,597)
Oil and gas royalties depletion	(60,969)	(541)
Other	(226,053)	(13,479)
Income tax expense	2,069,673	340,494
Deferred tax liability [Abstract]
Investments	12,159,338	10,918,449
Cost of insurance acquired	711,165	861,309
Management/consulting fees	(8,518)	(8,832)
Future policy benefits	(447,958)	(511,297)
Deferred gain on sale of subsidiary	1,387,490	1,387,490
Other assets (liabilities)	(57,783)	364,797
Reserves adjustment	192,212	240,266
Federal tax DAC	(255,550)	(256,468)
Deferred tax liability	13,680,396	12,995,714
Gross deferred tax assets	1,292,790	1,413,608
Gross deferred tax liabilities	14,973,186	$ 14,409,322
Valuation allowance	0
Income Tax Uncertainties [Abstract]
Interest or penalties	$ 0
Tax Year 2016 [Member]
Income Tax Uncertainties [Abstract]
Tax years remaining subject to examination	2018
Tax Year 2017 [Member]
Income Tax Uncertainties [Abstract]
Tax years remaining subject to examination	2019
Tax Year 2018 [Member]
Income Tax Uncertainties [Abstract]
Tax years remaining subject to examination	2020
Tax Year 2019 [Member]
Income Tax Uncertainties [Abstract]
Tax years remaining subject to examination	2021

Credit Arrangements (Details)

Credit Arrangements (Details)	3 Months Ended		12 Months Ended
	Mar. 25, 2022USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)Vehicle	Dec. 31, 2020USD ($)
Line of Credit Facility [Abstract]
Pledged bonds		$ 24,874,397	$ 24,874,397
Number of borrowing vehicles | Vehicle			2
Variable Rate [Member] | Maximum [Member]
Line of Credit Facility [Abstract]
Period of interest under CMA			90 days
Fixed Rate [Member] | Maximum [Member]
Line of Credit Facility [Abstract]
Period of interest under CMA			30 days
UTG 2013-11-20 [Member]
Line of Credit Facility [Abstract]
Interest Rate			3.75%
Frequency of payments			monthly
Assets Pledged			common voting stock of its wholly owned subsidiary, Universal Guaranty Life Insurance Company ("UG")
UTG 2013-11-20 [Member] | UG [Member]
Line of Credit Facility [Abstract]
Issue Date			Nov. 20, 2013
Maturity Date			Nov. 20, 2022
Revolving Credit Limit		8,000,000	$ 8,000,000
Outstanding Balance		0	0	$ 0
Borrowings			0
Repayments			$ 0
Percentage of common voting stock pledged			100.00%
UG - CMA [Member] | UG [Member]
Line of Credit Facility [Abstract]
Issue Date			Oct. 21, 2021
Maturity Date			Oct. 7, 2022
Revolving Credit Limit		25,000,000	$ 25,000,000
Outstanding Balance		24,000,000	24,000,000	0
Borrowings			24,000,000
Repayments			$ 0
UG - REPO [Member]
Line of Credit Facility [Abstract]
Issue Date			Oct. 21, 2021
Maturity Date			Oct. 7, 2022
Revolving Credit Limit		25,000,000	$ 25,000,000
Outstanding Balance		0	0	$ 0
Borrowings			0
Repayments			0
Cash Management Advance [Member]
Line of Credit Facility [Abstract]
Revolving Credit Limit		25,000,000	25,000,000
Borrowings		24,000,000
Required borrowings to provide financing			$ 15,000,000
Cash Management Advance [Member] | Subsequent Event [Member]
Line of Credit Facility [Abstract]
Repayments	$ 14,000,000
Cash Management Advance [Member] | Variable Rate [Member]
Line of Credit Facility [Abstract]
Interest Rate			0.23%
Repurchase ("REPO") Advance [Member]
Line of Credit Facility [Abstract]
Revolving Credit Limit		$ 25,000,000	$ 25,000,000
Repurchase ("REPO") Advance [Member] | Fixed Rate [Member] | Minimum [Member]
Line of Credit Facility [Abstract]
Period of interest under CMA			1 day
Repurchase ("REPO") Advance [Member] | Fixed Rate [Member] | Maximum [Member]
Line of Credit Facility [Abstract]
Period of interest under CMA			1 year

Commitments and Contingencies_2

Commitments and Contingencies (Details)	Dec. 31, 2021USD ($)
RLF III, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	$ 4,000,000
Unfunded Commitment	398,120
Sovereign's Capital, LP Fund I [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	500,000
Unfunded Commitment	13,000
Sovereigns Capital LP Fund II [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	1,000,000
Unfunded Commitment	92,034
Sovereigns Capital LP Fund III [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	3,000,000
Unfunded Commitment	641,440
Macritchie Storage II, LP [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	7,000,750
Unfunded Commitment	833,358
Garden City Companies, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	2,000,000
Unfunded Commitment	1,855,039
Carrizo Springs Music, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	5,000,000
Unfunded Commitment	189,711
Legacy Venture X, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	3,000,000
Unfunded Commitment	2,250,000
QCC Investment Co. LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	1,500,000
Unfunded Commitment	150,000
Great American Media Group LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	4,000,000
Unfunded Commitment	1,520,000
Sovereign's Capital Evergreen Fund I, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	3,000,000
Unfunded Commitment	$ 300,454

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	1 Months Ended			3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2018
Stock Repurchase Program [Abstract]
Stock repurchase program, additional amount authorized			$ 1,500,000
Stock repurchase program authorized amount							$ 20,000,000
Stock repurchased during period (in shares)					19,640
Amount paid to repurchase shares during the year					$ 537,379	$ 3,313,154
Amount of common stock repurchased	$ 18,623,628				$ 18,623,628
Number of common stock acquired (in shares)	1,301,905				1,301,905
Earnings Per Share [Abstract]
Basic weighted average shares outstanding (in shares)					3,171,919	3,233,773
Weighted average dilutive options outstanding (in shares)					0	0
Diluted weighted average shares outstanding (in shares)					3,171,919	3,233,773
Statutory Restrictions [Abstract]
Minimum statutory surplus required to maintain	$ 2,500,000				$ 2,500,000
Period from declaration of ordinary dividend requires notification to insurance commissioner					5 days
Minimum period prior to payment of dividend requires notification to insurance commissioner					10 days
Percentage of statutory capital and surplus	10.00%				10.00%
Ordinary dividends paid					$ 5,000,000	$ 4,000,000
Period for which no extraordinary dividends paid					2 years
Outside Directors [Member]
Share-based Compensation [Abstract]
Annual retainer fee paid to director					$ 5,000
Per meeting fee paid to director					$ 2,500
Number of shares issued (in shares)	4,269	3,977
Stock issued during period (in dollars per share)	$ 27.50	$ 27			$ 27.50	$ 27
Cost of shares issued					$ 117,398	$ 107,379
Management and Employees [Member]
Share-based Compensation [Abstract]
Number of shares issued (in shares)					6,294	6,664
Cost of shares issued					$ 170,537	$ 218,289
Cumberland Lake Shell, Inc [Member]
Stock Repurchase Program [Abstract]
Stock repurchased during period (in shares)				88,341
Amount paid to repurchase shares during the year				$ 2,561,889
Stock purchase price (in dollars per share)				$ 29

Statutory Accounting (Details)

Statutory Accounting (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statutory Basis Net Income and Capital and Surplus [Abstract]
Net income	$ 450,976	$ 6,258,945
Capital and surplus	$ 64,726,088	$ 70,605,156

Related Party Transactions (Det

Related Party Transactions (Details)	Feb. 20, 2003USD ($)	Dec. 31, 2021USD ($)ft²Property	Dec. 31, 2020USD ($)Property	Mar. 30, 2009USD ($)
Related Party Transactions [Abstract]
Purchased trust preferred security offering	$ 4,000,000
Ownership interest in aircraft		30.10%
Costs associated with aircraft		$ 248,977	$ 298,058
Administrative services and cost		$ 6,824,829	7,262,645
Servicing fee on loan		0.25%
Loan origination		0.50%
Servicing fees		$ 23,508	23,721
Origination fees		48,901	35,240
Reimbursement cost		$ 895,100	766,616
Percentage of processing fee reimbursed		100.00%
Reimbursement from associated entities		$ 947,689	838,431
Area of office space | ft²		8,000
Rent paid per month		$ 2,000
Minimum [Member]
Related Party Transactions [Abstract]
Percentage of undivided participation in notes receivable		20.00%
Maximum [Member]
Related Party Transactions [Abstract]
Percentage of undivided participation in notes receivable		50.00%
FSBI [Member]
Related Party Transactions [Abstract]
Term for mandatory redemption		30 years
Term for call provision		5 years
Dividend rate		6.515%
Dividend income		$ 165,137	165,590
Preferred pay down		502,000
Cost basis left after pay down		2,500,000
Common stock purchased				$ 1,000,000
Purchases from related parties		80,000	1,560,000
FSNB [Member]
Related Party Transactions [Abstract]
Rental cost paid to FSNB		$ 24,000	$ 24,000
Number of real estate parcels purchased | Property		1	4
FSF [Member]
Related Party Transactions [Abstract]
Loans participated to related parties		$ 111,869	$ 216,160
Purchases from related parties		$ 1,502,035	$ 539,508

Other Cash Flow Disclosures (De

Other Cash Flow Disclosures (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Other Cash Flow Disclosures [Abstract]
Interest	$ 785	$ 0
Federal income tax	$ 1,202,000	$ 2,531,500

Concentrations (Details)

Concentrations (Details)	12 Months Ended
	Dec. 31, 2021USD ($)StateSecurity	Dec. 31, 2020USD ($)Security
Concentrations [Abstract]
Number of states by which entity primarily serves | State	4
Maximum retention limits per life	$ 125,000
Allocation of Oil and Gas Investments [Abstract]
Fixed maturities available for sale	140,963,881	$ 165,779,997
Equity securities, at fair value	122,229,121	78,075,187
Investment real estate	39,748,261	38,086,391
Notes receivable	17,722,976	17,682,296
Total investments	$ 371,781,641	$ 343,405,949
Equity Securities [Member]
Concentrations [Abstract]
Number of equity securities owned | Security	2	2
Oil and Gas Industry [Member]
Allocation of Oil and Gas Investments [Abstract]
Fixed maturities available for sale	$ 1,249,040	$ 1,268,670
Equity securities, at fair value	60,932,033	41,551,468
Investment real estate	16,351,500	20,031,576
Notes receivable	5,000,000	6,000,000
Total investments	83,532,573	68,851,714
Oil and Gas Industry [Member] | Land, Mineral, and Royalty Interests [Member]
Allocation of Oil and Gas Investments [Abstract]
Fixed maturities available for sale	0	0
Equity securities, at fair value	60,932,033	41,551,468
Investment real estate	16,351,500	20,031,576
Notes receivable	5,000,000	6,000,000
Total investments	82,283,533	67,583,044
Oil and Gas Industry [Member] | Exploration [Member]
Allocation of Oil and Gas Investments [Abstract]
Fixed maturities available for sale	1,249,040	1,268,670
Equity securities, at fair value	0	0
Investment real estate	0	0
Notes receivable	0	0
Total investments	$ 1,249,040	$ 1,268,670
Reinsurer Concentration Risk [Member] | Life Insurance Ceded [Member]
Concentrations [Abstract]
Percentage of gross insurance in force	20.00%	20.00%
Percentage of premium income	36.00%	37.00%
Direct Premium Collected [Member] | Geographic Concentration Risk [Member] | Illinois, Ohio, Texas and West Virginia [Member]
Concentrations [Abstract]
Concentration risk, percentage	55.00%	56.00%
Invested Assets [Member] | Customer Concentration Risk [Member] | Oil and Gas Industry [Member]
Concentrations [Abstract]
Concentration risk, percentage	22.00%	20.00%
Investments [Member] | Customer Concentration Risk [Member] | Oil and Gas Industry [Member] | Equity Securities [Member]
Concentrations [Abstract]
Concentration risk, percentage	53.00%	47.00%