UTG (UTGN) 10-Q 11 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Cover [Abstract]
Entity Registrant Name	UTG INC
Entity Central Index Key	0000832480
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		3,268,386
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Address, State or Province	KY

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Investments available for sale:
Fixed maturities, at fair value (amortized cost $157,032,450 and $159,959,855)	$ 176,585,699	$ 171,629,373	[1]
Equity securities, at fair value (cost $31,796,340 and $32,578,862)	66,141,108	78,661,793	[1]
Equity securities, at cost	14,417,247	10,919,247	[1]
Mortgage loans on real estate at amortized cost	13,097,827	8,223,286	[1]
Investment real estate	40,725,963	44,344,236	[1]
Notes receivable	19,654,162	19,487,458	[1]
Policy loans	8,709,100	8,803,876	[1]
Short-term investments	12,435,481	10,442,173
Total investments	351,766,587	352,511,442	[1]
Cash and cash equivalents	29,317,455	28,787,629	[1]
Accrued investment income	1,528,217	1,679,783	[1]
Reinsurance receivables:
Future policy benefits	25,437,203	25,655,161	[1]
Policy claims and other benefits	3,713,563	4,142,142	[1]
Cost of insurance acquired	4,473,896	4,846,321	[1]
Property and equipment, net of accumulated depreciation	387,828	427,736	[1]
Other assets	686,497	695,517	[1]
Total assets	417,311,246	418,745,731	[1]
Policy liabilities and accruals:
Future policyholder benefits	246,166,152	249,264,308	[1]
Policy claims and benefits payable	3,438,766	3,631,666	[1]
Other policyholder funds	409,612	404,177	[1]
Dividend and endowment accumulations	14,705,726	14,626,475	[1]
Income taxes payable	785,981	313,662	[1]
Deferred income taxes	11,552,261	13,222,604	[1]
Other liabilities	6,081,601	5,785,933	[1]
Total liabilities	283,140,099	287,248,825	[1]
Shareholders' equity:
Common stock - no par value, stated value $.001 per share. Authorized 7,000,000 shares - 3,270,515 and 3,277,830 shares outstanding	3,272	3,279	[1]
Additional paid-in capital	35,780,640	36,012,401	[1]
Retained earnings	82,712,737	85,979,678	[1]
Accumulated other comprehensive income	15,085,110	8,977,914	[1]
Total UTG shareholders' equity	133,581,759	130,973,272	[1]
Noncontrolling interests	589,388	523,634	[1]
Total shareholders' equity	134,171,147	131,496,906	[1]
Total liabilities and shareholders' equity	$ 417,311,246	$ 418,745,731	[1]
[1]	Balance sheet audited at December 31, 2019.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Investments available for sale:
Fixed maturities, amortized cost	$ 157,032,450	$ 159,959,855
Equity securities, cost	$ 31,796,340	$ 32,578,862
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, outstanding (in shares)	3,270,515	3,277,830

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue:
Premiums and policy fees	$ 2,379,976	$ 2,431,489	$ 4,735,731	$ 4,934,694
Ceded reinsurance premiums and policy fees	(690,036)	(813,256)	(1,370,476)	(1,330,311)
Net investment income	3,021,654	2,701,709	5,851,840	5,813,733
Other income	93,772	95,919	152,814	159,757
Revenue before net investment gains (losses)	4,805,366	4,415,861	9,369,909	9,577,873
Net investment gains (losses):
Other realized investment gains, net	1,779,333	5,301,778	8,953,840	6,415,476
Change in fair value of equity securities	12,946,281	97,148	(11,738,163)	14,884,779
Total net investment gains (losses)	14,725,614	5,398,926	(2,784,323)	21,300,255
Total revenue	19,530,980	9,814,787	6,585,586	30,878,128
Benefits, claims and settlement expenses:
Life	3,422,177	4,590,885	6,962,538	8,018,085
Ceded reinsurance benefits and claims	(353,168)	(607,539)	(988,111)	(1,082,161)
Annuity	259,049	307,369	491,537	505,039
Dividends to policyholders	92,005	96,053	186,320	199,652
Commissions and amortization of deferred policy acquisition costs	(28,559)	(38,577)	(63,676)	(63,119)
Amortization of cost of insurance acquired	186,212	193,976	372,425	387,953
Operating expenses	1,703,606	1,789,951	3,690,298	3,934,340
Total benefits and other expenses	5,281,322	6,332,118	10,651,331	11,899,789
Income (loss) before income taxes	14,249,658	3,482,669	(4,065,745)	18,978,339
Income tax (benefit) expense	2,504,024	662,831	(864,558)	4,359,889
Net income (loss)	11,745,634	2,819,838	(3,201,187)	14,618,450
Net income attributable to noncontrolling interests	(33,514)	(107,780)	(65,754)	(261,513)
Net income (loss) attributable to common shareholders	$ 11,712,120	$ 2,712,058	$ (3,266,941)	$ 14,356,937
Amounts attributable to common shareholders
Basic income (loss) per share (in dollars per share)	$ 3.58	$ 0.82	$ (1)	$ 4.36
Diluted income (loss) per share (in dollars per share)	$ 3.58	$ 0.82	$ (1)	$ 4.36
Basic weighted average shares outstanding (in shares)	3,272,715	3,290,617	3,273,395	3,293,940
Diluted weighted average shares outstanding (in shares)	3,272,715	3,290,617	3,273,395	3,293,940

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) [Abstract]
Net income (loss)	$ 11,745,634	$ 2,819,838	$ (3,201,187)	$ 14,618,450
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during period, pre-tax	6,595,986	3,925,070	8,068,851	8,859,921
Tax (expense) benefit on unrealized holding gains (losses) arising during the period	(1,385,157)	(824,264)	(1,694,459)	(1,860,583)
Unrealized holding gains (losses) arising during period, net of tax	5,210,829	3,100,806	6,374,392	6,999,338
Less reclassification adjustment for (gains) losses included in net income	53,260	9,826	(338,223)	(5,229)
Tax expense (benefit) for gains included in net income (loss)	(11,185)	(2,064)	71,027	1,098
Reclassification adjustment for (gains) losses included in net income, net of tax	42,075	7,762	(267,196)	(4,131)
Subtotal: Other comprehensive income (loss), net of tax	5,252,904	3,108,568	6,107,196	6,995,207
Comprehensive income (loss)	16,998,538	5,928,406	2,906,009	21,613,657
Less comprehensive income attributable to noncontrolling interests	(33,514)	(107,780)	(65,754)	(261,513)
Comprehensive income (loss) attributable to UTG, Inc.	$ 16,965,024	$ 5,820,626	$ 2,840,255	$ 21,352,144

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2018	$ 3,296	$ 36,567,865	$ 69,708,901	$ 62,495	$ 734,153	$ 107,076,710
Common stock issued during year	7	246,527	0	0	0	246,534
Treasury shares acquired	(17)	(561,325)	0	0	0	(561,342)
Net income (loss) attributable to common shareholders	0	0	14,356,937	0	0	14,356,937
Unrealized holding income on securities net of noncontrolling interest and reclassification adjustment and taxes	0	0	0	6,995,207	0	6,995,207
Contributions	0	0	0	0	0	0
Distributions	0	0	0	0	(245,750)	(245,750)
Gain attributable to noncontrolling interest	0	0	0	0	261,513	261,513
Balance at Jun. 30, 2019	3,286	36,253,067	84,065,838	7,057,702	749,916	128,129,809
Balance at Mar. 31, 2019	3,297	36,585,277	81,353,780	3,949,134	642,136	122,533,624
Common stock issued during year	1	16,735	0	0	0	16,736
Treasury shares acquired	(12)	(348,945)	0	0	0	(348,957)
Net income (loss) attributable to common shareholders	0	0	2,712,058	0	0	2,712,058
Unrealized holding income on securities net of noncontrolling interest and reclassification adjustment and taxes	0	0	0	3,108,568	0	3,108,568
Contributions	0	0	0	0	0	0
Distributions	0	0	0	0	0	0
Gain attributable to noncontrolling interest	0	0	0	0	107,780	107,780
Balance at Jun. 30, 2019	3,286	36,253,067	84,065,838	7,057,702	749,916	128,129,809
Balance at Dec. 31, 2019	3,279	36,012,401	85,979,678	8,977,914	523,634	131,496,906	[1]
Common stock issued during year	7	218,282	0	0	0	218,289
Treasury shares acquired	(14)	(450,043)	0	0	0	(450,057)
Net income (loss) attributable to common shareholders	0	0	(3,266,941)	0	0	(3,266,941)
Unrealized holding income on securities net of noncontrolling interest and reclassification adjustment and taxes	0	0	0	6,107,196	0	6,107,196
Contributions	0	0	0	0	0	0
Distributions	0	0	0	0	0	0
Gain attributable to noncontrolling interest	0	0	0	0	65,754	65,754
Balance at Jun. 30, 2020	3,272	35,780,640	82,712,737	15,085,110	589,388	134,171,147
Balance at Mar. 31, 2020	3,276	35,903,350	71,000,617	9,832,206	555,874	117,295,323
Common stock issued during year	1	16,739	0	0	0	16,740
Treasury shares acquired	(5)	(139,449)	0	0	0	(139,454)
Net income (loss) attributable to common shareholders	0	0	11,712,120	0	0	11,712,120
Unrealized holding income on securities net of noncontrolling interest and reclassification adjustment and taxes	0	0	0	5,252,904	0	5,252,904
Contributions	0	0	0	0	0	0
Distributions	0	0	0	0	0	0
Gain attributable to noncontrolling interest	0	0	0	0	33,514	33,514
Balance at Jun. 30, 2020	$ 3,272	$ 35,780,640	$ 82,712,737	$ 15,085,110	$ 589,388	$ 134,171,147
[1]	Balance sheet audited at December 31, 2019.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income (loss)	$ (3,201,187)	$ 14,618,450
Adjustments to reconcile net income to net cash used in operating activities:
Amortization (accretion) of investments	(58,394)	(32,084)
Realized investment gains, net	(8,953,840)	(6,415,476)
Change in fair value of equity securities	11,738,163	(14,884,779)
Amortization of cost of insurance acquired	372,425	387,953
Depreciation	239,510	594,399
Stock-based compensation	218,289	246,534
Charges for mortality and administration of universal life and annuity products	(3,164,512)	(3,235,159)
Interest credited to account balances	2,012,606	2,052,343
Change in accrued investment income	151,566	140,588
Change in reinsurance receivables	646,537	338,491
Change in policy liabilities and accruals	(2,219,077)	(1,317,789)
Change in income taxes receivable (payable)	472,319	(25,242)
Change in other assets and liabilities, net	(3,142,189)	2,842,382
Net cash used in operating activities	(4,887,784)	(4,689,389)
Proceeds from investments sold and matured:
Fixed maturities available for sale	12,253,350	4,566,651
Equity securities	16,186,805	4,939,893
Mortgage loans	230,116	4,381,319
Real estate	3,418,671	10,687,242
Notes receivable	3,333,296	1,827,987
Policy loans	713,241	930,639
Short-term investments	6,000,000	0
Total proceeds from investments sold and matured	42,135,479	27,333,731
Cost of investments acquired:
Fixed maturities available for sale	(9,038,928)	(2,507,805)
Equity securities	(10,286,666)	(115,013)
Trading securities	0	(132,518)
Mortgage loans	(5,098,138)	(4,014,455)
Real estate	0	(1,408,021)
Notes receivable	(3,500,000)	(7,528,188)
Policy loans	(618,465)	(705,906)
Short-term investments	(7,890,228)	0
Total cost of investments acquired	(36,432,425)	(16,411,906)
Net cash provided by investing activities	5,703,054	10,921,825
Cash flows from financing activities:
Policyholder contract deposits	2,283,017	2,410,517
Policyholder contract withdrawals	(2,118,404)	(2,756,026)
Purchase of treasury stock	(450,057)	(561,342)
Non controlling contributions (distributions) of consolidated subsidiary	0	(245,750)
Net cash used in financing activities	(285,444)	(1,152,601)
Net increase in cash and cash equivalents	529,826	5,079,835
Cash and cash equivalents at beginning of period	28,787,629	20,150,162
Cash and cash equivalents at end of period	$ 29,317,455	$ 25,229,997

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Basis of Presentation [Abstract]
Basis of Presentation	Note 1 – Basis of Presentation The accompanying Condensed Consolidated Balance Sheet as of December 31, 2019 December 31, 2019 three and six months ended June 30, 2020 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 react 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 daily 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% June 30, 2020 65.78% UTG’s life insurance subsidiary, Universal Guaranty Life Insurance Company (“UG”), has several wholly-owned and majority-owned subsidiaries. The subsidiaries were formed to hold certain real estate investments. The real estate investments were placed into the limited liability companies and partnerships to provide additional protection to the policyholders and to UG. Certain amounts in prior periods have been reclassified to conform with the current period presentation.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	6 Months Ended
	Jun. 30, 2020
Recently Issued Accounting Standards [Abstract]
Recently Issued Accounting Standards	Note 2 – Recently Issued Accounting Standards During the six months ended June 30, 2020 2019

Investments

Investments	6 Months Ended
	Jun. 30, 2020
Investments [Abstract]
Investments	Note 3 – 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: June 30, 2020 Original or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investments available for sale: Fixed maturities U.S. Government and govt. agencies and authorities $ 44,793,626 $ 1,614,309 $ - $ 46,407,935 U.S. special revenue and assessments 14,361,765 1,524,448 - 15,886,213 All other corporate bonds 97,877,059 16,414,492 - 114,291,551 $ 157,032,450 $ 19,553,249 $ - $ 176,585,699 December 31, 2019 Original or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investments available for sale: Fixed maturities U.S. Government and govt. agencies and authorities $ 35,761,440 $ 402,832 $ (35,529 ) $ 36,128,743 U.S. special revenue and assessments 14,371,263 832,100 - 15,203,363 All other corporate bonds 109,827,152 10,470,115 - 120,297,267 $ 159,959,855 $ 11,705,047 $ (35,529 ) $ 171,629,373 The amortized cost and estimated market value of debt securities at June 30, 2020 Fixed Maturities Available for Sale June 30, 2020 Amortized Cost Fair Value Due in one year or less $ 23,776,809 $ 24,205,154 Due after one year through five years 46,399,814 49,609,973 Due after five years through ten years 34,654,588 39,465,754 Due after ten years 25,468,466 30,241,655 Fixed maturities with no single maturity date 26,732,773 33,063,163 Total $ 157,032,450 $ 176,585,699 The fair value of investments with sustained gross unrealized losses at June 30, 2020 December 31, 2019 June 30, 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 $ - - - - - $ - Total fixed maturities $ - - - - - $ - December 31, 2019 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 $ 6,059,380 (35,529 ) - - 6,059,380 $ (35,529 ) Total fixed maturities $ 6,059,380 (35,529 ) - - 6,059,380 $ (35,529 ) Additional information regarding investments in an unrealized loss position is as follows: Less than 12 months 12 months or longer Total As of June 30, 2020 Fixed maturities - - - As of December 31, 2019 Fixed maturities 3 - 3 Substantially all of the unrealized losses on fixed maturities at December 31, 2019 June 30, 2020 December 31, 2019 Net Investment Gains (Losses) The following table presents net investment gains (losses) and the change in net unrealized gains (losses) on investments. Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Realized gains: Sales of fixed maturities $ 11,732 $ 101,633 $ 403,215 $ 116,688 Sales of equity securities 1,832,593 2,765,915 8,615,617 2,765,915 Sales of real estate - 2,678,207 - 3,776,850 Other - - - - Total realized gains 1,844,325 5,545,755 9,018,832 6,659,453 Realized losses: Sales of fixed maturities (64,992 ) (111,459 ) (64,992 ) (111,459 ) Sales of equity securities - - - - Sales of real estate - - - - Other-than-temporary impairments - - - - Other - (132,518 ) - (132,518 ) Total realized losses (64,992 ) (243,977 ) (64,992 ) (243,977 ) Net realized investment gains (losses) 1,779,333 5,301,778 8,953,840 6,415,476 Change in fair value of equity securities: Change in fair value of equity securities held at the end of the period 12,946,281 97,148 (11,738,163 ) 14,884,779 Change in fair value of equity securities 12,946,281 97,148 (11,738,163 ) 14,884,779 Net investment gains (losses) $ 14,725,614 $ 5,398,926 $ (2,784,323 ) $ 21,300,255 Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income: Fixed maturities $ 6,595,986 $ 3,925,070 $ 8,068,851 $ 8,859,921 Net increase (decrease) $ 6,595,986 $ 3,925,070 $ 8,068,851 $ 8,859,921 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 Condensed 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. The Company did not recognize any other-than-temporary impairments during the six month periods ended June 30, 2020 2019 Cost Method Investments The Company held equity investments with an aggregate cost of $ 14,417,247 10,919,247 June 30, 2020 December 31, 2019 June 30, 2020 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 the six months ended June 30, 2020 2019 5,098,138 4,014,455 .25% .50% During 2020 2019 2020 2019 Maximum rate Minimum rate Maximum rate Minimum rate Farm Loans 5.00% 5.00% 5.00% 5.00% Commercial Loans 7.50% 4.24% 7.50% 4.82% Residential Loans 5.50% 5.50% 8.00% 8.00% Most mortgage loans are first position loans. Loans issued are generally limited to no more than 80% 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 along with a brief description of what steps are being taken to resolve the delinquency. 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 June 30, 2020 December 31, 2019 The following table summarizes the mortgage loan holdings of the Company for the periods ended: June 30, 2020 December 31, 2019 In good standing $ 13,097,827 $ 8,223,286 Total mortgage loans $ 13,097,827 $ 8,223,286 Investment Real Estate Investment real estate held for sale is reported at the lower of cost or fair value less cost to sell. Investment Real estate acquired through foreclosure, consisting of properties obtained through foreclosure proceedings or acceptance of a deed in lieu of foreclosure, is reported on an individual asset basis at the lower of cost or fair value, less disposal costs. Fair value is determined on the basis of current appraisals, comparable sales, and other estimates of value obtained principally from independent sources. When properties are acquired through foreclosure, any excess of the loan balance at the time of foreclosure over the fair value of the real estate held as collateral is recognized and charged to the Consolidated Statements of Operations. Based upon Management’s evaluation of the real estate acquired through foreclosure, additional expense is recorded when necessary in an amount sufficient to reflect any declines in estimated fair value. The Company's investment real estate portfolio includes ownerships in oil and gas royalties. As of June 30, 2020 December 31, 2019 45% 44% Gains and losses recognized on the disposition of the properties are recorded as realized gains and losses in the Condensed Consolidated Statements of Operations. During the six months ended June 30, 2020 2019 0 1,408,021 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 June 30, 2020 December 31, 2019 0 six months ended June 30, 2020 2019 3,500,000 7,528,188 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. Dung the six months ended June 30, 2020 2019 6,000,000 0

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 4 – Fair Value Measurements The Company measures its assets and liabilities recorded at fair value on a recurring basis utilizing valuation techniques based upon observable and unobservable inputs. The framework establishes a fair value hierarchy of three levels based upon the transparency of information used in measuring the fair value of assets or liabilities as of the measurement date. Observable inputs reflect market data obtained from independent sources and unobservable inputs reflect the Company’s expectations. The levels of the hierarchy are defined as follows: 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. Recurring Measurements The following table presents the fair value measurements of the Company’s assets and liabilities measured at fair value in the Condensed Consolidated Balance Sheet on a recurring basis as of June 30, 2020 December 31, 2019 June 30, 2020 Level 1 Level 2 Level 3 Total Financial assets: Fixed maturities available for sale: U.S. Government and government agencies and authorities $ 46,407,935 $ - $ - $ 46,407,935 U.S. special revenue and assessments - 15,886,213 - 15,886,213 Corporate securities - 114,291,551 - 114,291,551 Total fixed maturities 46,407,935 130,177,764 - 176,585,699 Equity securities: Common stocks 23,092,530 16,041,865 27,006,713 66,141,108 Total equity securities 23,092,530 16,041,865 27,006,713 66,141,108 Total financial assets $ 69,500,465 $ 146,219,629 $ 27,006,713 $ 242,726,807 December 31, 2019 Level 1 Level 2 Level 3 Total Financial assets: Fixed maturities available for sale: U.S. Government and government agencies and authorities $ 36,128,743 $ - $ - $ 36,128,743 U.S. special revenue and assessments - 15,203,363 - 15,203,363 Corporate securities - 120,297,267 - 120,297,267 Total fixed maturities 36,128,743 135,500,630 - 171,629,373 Equity securities: Common stocks 29,888,281 14,258,750 34,514,762 78,661,793 Total equity securities 29,888,281 14,258,750 34,514,762 78,661,793 Total financial assets $ 66,017,024 $ 149,759,380 $ 34,514,762 $ 250,291,166 The following is a description of the valuation techniques used the by Company to measure assets reported at fair value on a recurring basis. The Company had no June 30, 2020 December 31, 2019 no for the six months ended June 30, 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 2 1 2 3 3 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 2 3 The Level 3 3 Level 3 Reconciliation The following table provides reconciliations for Level 3 assets measured at fair value on a recurring basis. Transfers into and out of Level 3 are recognized as of the end of the quarter in which they occur. Fixed Maturities, Available for Sale Equity Securities Total Balance at December 31, 2019 $ - $ 34,514,762 $ 34,514,762 Total unrealized gain or (losses): Included in net income (loss) - (139,588 ) (139,588 ) Included in other comprehensive income - - - Purchases - 3,082,007 3,082,007 Sales - (10,450,468 ) (10,450,468 ) Balance at June 30, 2020 $ - $ 27,006,713 $ 27,006,713 June 30, 2020 December 31, 2019 Change in fair value of equity securities included in net income (loss) relating to assets held $ (139,588 ) $ 6,461,670 Nonrecurring Measurements 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 carrying values and estimated fair values of certain of the Company’s financial instruments not recorded at fair value in the Consolidated Balance Sheets are shown below. Because the fair value for all Consolidated Balance Sheet items are not required to be disclosed, the aggregate fair value amounts presented below are not reflective of the underlying value of the Company. Carrying Estimated June 30, 2020 Amount Fair Value Level 1 Level 2 Level 3 Equity securities, at cost $ 14,417,247 14,417,247 - - 14,417,247 Mortgage loans on real estate 13,097,827 12,934,172 - - 12,934,172 Investment real estate 40,725,963 85,158,424 - - 85,158,424 Notes receivable 19,654,162 23,313,608 - - 23,313,608 Policy loans 8,709,100 8,709,100 - - 8,709,100 Short term investments 12,435,481 12,435,481 12,435,481 - - Cash and cash equivalents 29,317,455 29,317,455 29,317,455 - - Carrying Estimated December 31, 2019 Amount Fair Value Level 1 Level 2 Level 3 Equity securities, at cost $ 10,919,247 10,919,247 - - 10,919,247 Mortgage loans on real estate 8,223,286 7,531,094 - - 7,531,094 Investment real estate 44,344,236 85,158,424 - - 85,158,424 Notes receivable 19,487,458 19,332,472 - - 19,332,472 Policy loans 8,803,876 8,803,876 - - 8,803,876 Short term investments 10,442,173 10,442,173 10,442,173 - - Cash and cash equivalents 28,787,629 28,787,629 28,787,629 - - 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. A portion of the mortgage loans balance consists of discounted mortgage loans. The Company has historically purchased non-performing discounted mortgage loans at a deep discount through an auction process led by the Federal Government. In general, the discounted loans are non-performing and there is a significant amount of uncertainty surrounding the timing and amount of cash flows to be received by the Company. Accordingly, the Company records its investment in the discounted loans at its original purchase price, which Management believes approximates fair value. The inputs used to measure the fair value of our discounted mortgage loans 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% 8% The carrying amount of cash and cash equivalents in the Condensed Consolidated Balance Sheets approximates fair value given the highly liquid nature of the instruments. The inputs used to measure the fair value of our cash and cash equivalents are classified as Level 1 within the fair value hierarchy. The carrying amount of short term investments in the Condensed Consolidated Balance Sheets approximates fair value. The inputs used to measure the fair value of our short term investments are classified as Level 3 within the fair value hierarchy.

Credit Arrangements

Credit Arrangements	6 Months Ended
	Jun. 30, 2020
Credit Arrangements [Abstract]
Credit Arrangements	Note 5 – Credit Arrangements Instrument Issue Date Maturity Date Revolving Credit Limit December 31, 2019 Borrowings Repayments June 30, 2020 Lines of Credit: UTG 11/20/2013 11/20/2020 $ 8,000,000 - - - - UG 6/2/2015 5/7/2021 10,000,000 - - - - The UTG line of credit carries interest at a fixed rate of 4.040% monthly 100% of the common voting stock of its wholly owned subsidiary, Universal Guaranty Life Insurance Company. During May of 2020, 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 30 12,549,410

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2020
Shareholders' Equity [Abstract]
Shareholders' Equity	Note 6 – Shareholders’ Equity Stock Repurchase Program – The Board of Directors of UTG has authorized the repurchase in the open market or in privately negotiated transactions of UTG's common stock. At a meeting of the Board of Directors in June of 2019, the Board of Directors of UTG authorized the repurchase of up to an additional $2.5 million of UTG's common stock, for a total repurchase of up to $18.5 million of UTG's common stock in the open market or in privately negotiated transactions. Company Management has broad authority to operate the program, including the discretion of whether to purchase shares and the ability to suspend or terminate the program. Open market purchases are made based on the last available market price but may be limited. During the six months ended June 30, 2020 , the Company repurchased 13,979 shares through the stock repurchase program for $ 450,057 . Through June 30, 2020 , UTG has spent $15,223,153 in the acquisition of 1,183,337 shares under this program. During 2020 6,664 218,289 Earnings Per Share Calculations Earnings per share are based on the weighted average number of common shares outstanding during each period. For the six months ended June 30, 2020 2019 no

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 7 – 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. The following table represents the total funding commitments and the unfunded commitment as of June 30, 2020 Total Funding Commitment Unfunded Commitment RLF III, LLC $ 4,000,000 $ 398,120 Sovereign’s Capital, LP Fund I 500,000 20,000 Sovereign's Capital, LP Fund II 1,000,000 158,596 Sovereign's Capital, LP Fund III 3,000,000 2,137,079 Macritchie Storage II, LP 7,000,750 2,100,407 Garden City Companies, LLC 2,000,000 1,956,688 Carrizo Springs Music, LLC 2,500,000 2,296,875 Modern Distributors, Inc. 7,200,000 3,700,000 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 fund a collateral loan for Modern Distributors, Inc. (“Modern Distributors”). Modern Distributors makes draw requests on the loan as funds are needed to fund a construction project.

Other Cash Flow Disclosures

Other Cash Flow Disclosures	6 Months Ended
	Jun. 30, 2020
Other Cash Flow Disclosures [Abstract]
Other Cash Flow Disclosures	Note 8 – Other Cash Flow Disclosures On a cash basis, the Company paid the following expenses: Three Months Ended June 30, 2020 2019 Interest $ - $ - Federal income tax 2,110,000 1,106,000 Six Months Ended June 30, 2020 2019 Interest $ - $ - Federal income tax 2,110,000 1,106,000

Concentrations of Credit Risk

Concentrations of Credit Risk	6 Months Ended
	Jun. 30, 2020
Concentrations of Credit Risk [Abstract]
Concentrations of Credit Risk	Note 9 – Concentrations of Credit Risk 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 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 June 30, 2020 and 2019 , approximately 55% 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% and 21% of total life insurance in force at June 30, 2020 and December 31, 2019 , respectively. Insurance ceded represented 36% and 34% of premium income June 30, 2020 2019 . 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 represent approximately 18% 25% June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Land, mineral, and royalty interests $ 63,724,044 $ 80,182,100 Transportation - 3,812,565 Exploration 1,222,760 2,824,810 Total $ 64,946,804 $ 86,819,475

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2020
Basis of Presentation [Abstract]
Basis of Presentation	The accompanying Condensed Consolidated Balance Sheet as of December 31, 2019 December 31, 2019 three and six months ended June 30, 2020

Recently Issued Accounting St_2

Recently Issued Accounting Standards (Policies)	6 Months Ended
	Jun. 30, 2020
Recently Issued Accounting Standards [Abstract]
Recently Issued Accounting Standards	During the six months ended June 30, 2020 2019

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2020
Investments [Abstract]
Available for Sale Securities	Investments in available for sale securities are summarized as follows: June 30, 2020 Original or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investments available for sale: Fixed maturities U.S. Government and govt. agencies and authorities $ 44,793,626 $ 1,614,309 $ - $ 46,407,935 U.S. special revenue and assessments 14,361,765 1,524,448 - 15,886,213 All other corporate bonds 97,877,059 16,414,492 - 114,291,551 $ 157,032,450 $ 19,553,249 $ - $ 176,585,699 December 31, 2019 Original or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investments available for sale: Fixed maturities U.S. Government and govt. agencies and authorities $ 35,761,440 $ 402,832 $ (35,529 ) $ 36,128,743 U.S. special revenue and assessments 14,371,263 832,100 - 15,203,363 All other corporate bonds 109,827,152 10,470,115 - 120,297,267 $ 159,959,855 $ 11,705,047 $ (35,529 ) $ 171,629,373
Debt Securities by Contractual Maturity	The amortized cost and estimated market value of debt securities at June 30, 2020 Fixed Maturities Available for Sale June 30, 2020 Amortized Cost Fair Value Due in one year or less $ 23,776,809 $ 24,205,154 Due after one year through five years 46,399,814 49,609,973 Due after five years through ten years 34,654,588 39,465,754 Due after ten years 25,468,466 30,241,655 Fixed maturities with no single maturity date 26,732,773 33,063,163 Total $ 157,032,450 $ 176,585,699
Fair Value of Investments with Sustained Gross Unrealized Losses	The fair value of investments with sustained gross unrealized losses at June 30, 2020 December 31, 2019 June 30, 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 $ - - - - - $ - Total fixed maturities $ - - - - - $ - December 31, 2019 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 $ 6,059,380 (35,529 ) - - 6,059,380 $ (35,529 ) Total fixed maturities $ 6,059,380 (35,529 ) - - 6,059,380 $ (35,529 )
Securities in Continuous Unrealized Loss Position	Additional information regarding investments in an unrealized loss position is as follows: Less than 12 months 12 months or longer Total As of June 30, 2020 Fixed maturities - - - As of December 31, 2019 Fixed maturities 3 - 3
Net Investment Gains (Losses) and Change in Net Unrealized Gains on AFS Investments	The following table presents net investment gains (losses) and the change in net unrealized gains (losses) on investments. Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Realized gains: Sales of fixed maturities $ 11,732 $ 101,633 $ 403,215 $ 116,688 Sales of equity securities 1,832,593 2,765,915 8,615,617 2,765,915 Sales of real estate - 2,678,207 - 3,776,850 Other - - - - Total realized gains 1,844,325 5,545,755 9,018,832 6,659,453 Realized losses: Sales of fixed maturities (64,992 ) (111,459 ) (64,992 ) (111,459 ) Sales of equity securities - - - - Sales of real estate - - - - Other-than-temporary impairments - - - - Other - (132,518 ) - (132,518 ) Total realized losses (64,992 ) (243,977 ) (64,992 ) (243,977 ) Net realized investment gains (losses) 1,779,333 5,301,778 8,953,840 6,415,476 Change in fair value of equity securities: Change in fair value of equity securities held at the end of the period 12,946,281 97,148 (11,738,163 ) 14,884,779 Change in fair value of equity securities 12,946,281 97,148 (11,738,163 ) 14,884,779 Net investment gains (losses) $ 14,725,614 $ 5,398,926 $ (2,784,323 ) $ 21,300,255 Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income: Fixed maturities $ 6,595,986 $ 3,925,070 $ 8,068,851 $ 8,859,921 Net increase (decrease) $ 6,595,986 $ 3,925,070 $ 8,068,851 $ 8,859,921
Maximum and Minimum Lending Rates for Mortgage Loan	During 2020 2019 2020 2019 Maximum rate Minimum rate Maximum rate Minimum rate Farm Loans 5.00% 5.00% 5.00% 5.00% Commercial Loans 7.50% 4.24% 7.50% 4.82% Residential Loans 5.50% 5.50% 8.00% 8.00%
Mortgage Loan Holdings	The following table summarizes the mortgage loan holdings of the Company for the periods ended: June 30, 2020 December 31, 2019 In good standing $ 13,097,827 $ 8,223,286 Total mortgage loans $ 13,097,827 $ 8,223,286

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Measurements [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents the fair value measurements of the Company’s assets and liabilities measured at fair value in the Condensed Consolidated Balance Sheet on a recurring basis as of June 30, 2020 December 31, 2019 June 30, 2020 Level 1 Level 2 Level 3 Total Financial assets: Fixed maturities available for sale: U.S. Government and government agencies and authorities $ 46,407,935 $ - $ - $ 46,407,935 U.S. special revenue and assessments - 15,886,213 - 15,886,213 Corporate securities - 114,291,551 - 114,291,551 Total fixed maturities 46,407,935 130,177,764 - 176,585,699 Equity securities: Common stocks 23,092,530 16,041,865 27,006,713 66,141,108 Total equity securities 23,092,530 16,041,865 27,006,713 66,141,108 Total financial assets $ 69,500,465 $ 146,219,629 $ 27,006,713 $ 242,726,807 December 31, 2019 Level 1 Level 2 Level 3 Total Financial assets: Fixed maturities available for sale: U.S. Government and government agencies and authorities $ 36,128,743 $ - $ - $ 36,128,743 U.S. special revenue and assessments - 15,203,363 - 15,203,363 Corporate securities - 120,297,267 - 120,297,267 Total fixed maturities 36,128,743 135,500,630 - 171,629,373 Equity securities: Common stocks 29,888,281 14,258,750 34,514,762 78,661,793 Total equity securities 29,888,281 14,258,750 34,514,762 78,661,793 Total financial assets $ 66,017,024 $ 149,759,380 $ 34,514,762 $ 250,291,166
Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis	The following table provides reconciliations for Level 3 assets measured at fair value on a recurring basis. Transfers into and out of Level 3 are recognized as of the end of the quarter in which they occur. Fixed Maturities, Available for Sale Equity Securities Total Balance at December 31, 2019 $ - $ 34,514,762 $ 34,514,762 Total unrealized gain or (losses): Included in net income (loss) - (139,588 ) (139,588 ) Included in other comprehensive income - - - Purchases - 3,082,007 3,082,007 Sales - (10,450,468 ) (10,450,468 ) Balance at June 30, 2020 $ - $ 27,006,713 $ 27,006,713 June 30, 2020 December 31, 2019 Change in fair value of equity securities included in net income (loss) relating to assets held $ (139,588 ) $ 6,461,670
Carrying Values and Estimated Fair Values of Financial Instruments not Recorded at Fair Value	The carrying values and estimated fair values of certain of the Company’s financial instruments not recorded at fair value in the Consolidated Balance Sheets are shown below. Because the fair value for all Consolidated Balance Sheet items are not required to be disclosed, the aggregate fair value amounts presented below are not reflective of the underlying value of the Company. Carrying Estimated June 30, 2020 Amount Fair Value Level 1 Level 2 Level 3 Equity securities, at cost $ 14,417,247 14,417,247 - - 14,417,247 Mortgage loans on real estate 13,097,827 12,934,172 - - 12,934,172 Investment real estate 40,725,963 85,158,424 - - 85,158,424 Notes receivable 19,654,162 23,313,608 - - 23,313,608 Policy loans 8,709,100 8,709,100 - - 8,709,100 Short term investments 12,435,481 12,435,481 12,435,481 - - Cash and cash equivalents 29,317,455 29,317,455 29,317,455 - - Carrying Estimated December 31, 2019 Amount Fair Value Level 1 Level 2 Level 3 Equity securities, at cost $ 10,919,247 10,919,247 - - 10,919,247 Mortgage loans on real estate 8,223,286 7,531,094 - - 7,531,094 Investment real estate 44,344,236 85,158,424 - - 85,158,424 Notes receivable 19,487,458 19,332,472 - - 19,332,472 Policy loans 8,803,876 8,803,876 - - 8,803,876 Short term investments 10,442,173 10,442,173 10,442,173 - - Cash and cash equivalents 28,787,629 28,787,629 28,787,629 - -

Credit Arrangements (Tables)

Credit Arrangements (Tables)	6 Months Ended
	Jun. 30, 2020
Credit Arrangements [Abstract]
Credit Arrangements	Instrument Issue Date Maturity Date Revolving Credit Limit December 31, 2019 Borrowings Repayments June 30, 2020 Lines of Credit: UTG 11/20/2013 11/20/2020 $ 8,000,000 - - - - UG 6/2/2015 5/7/2021 10,000,000 - - - -

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies [Abstract]
Total Funding Commitments and Unfunded Commitment	The following table represents the total funding commitments and the unfunded commitment as of June 30, 2020 Total Funding Commitment Unfunded Commitment RLF III, LLC $ 4,000,000 $ 398,120 Sovereign’s Capital, LP Fund I 500,000 20,000 Sovereign's Capital, LP Fund II 1,000,000 158,596 Sovereign's Capital, LP Fund III 3,000,000 2,137,079 Macritchie Storage II, LP 7,000,750 2,100,407 Garden City Companies, LLC 2,000,000 1,956,688 Carrizo Springs Music, LLC 2,500,000 2,296,875 Modern Distributors, Inc. 7,200,000 3,700,000

Other Cash Flow Disclosures (Ta

Other Cash Flow Disclosures (Tables)	6 Months Ended
	Jun. 30, 2020
Other Cash Flow Disclosures [Abstract]
Expenses Paid on a Cash Basis	On a cash basis, the Company paid the following expenses: Three Months Ended June 30, 2020 2019 Interest $ - $ - Federal income tax 2,110,000 1,106,000 Six Months Ended June 30, 2020 2019 Interest $ - $ - Federal income tax 2,110,000 1,106,000

Concentrations of Credit Risk (

Concentrations of Credit Risk (Tables)	6 Months Ended
	Jun. 30, 2020
Concentrations of Credit Risk [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 represent approximately 18% 25% June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Land, mineral, and royalty interests $ 63,724,044 $ 80,182,100 Transportation - 3,812,565 Exploration 1,222,760 2,824,810 Total $ 64,946,804 $ 86,819,475

Basis of Presentation (Details)

Basis of Presentation (Details)	Jun. 30, 2020
Chief Executive Officer and Chairman of the Board [Member]
Ownership Interest [Abstract]
Ownership interest percentage	65.78%
FSBI [Member] | FSNB [Member]
Ownership Interest [Abstract]
Ownership in subsidiary bank	100.00%

Investments, Available for Sale

Investments, Available for Sale Securities (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Fixed maturities [Abstract]
Original or amortized cost	$ 157,032,450	$ 159,959,855
Gross unrealized gains	19,553,249	11,705,047
Gross unrealized losses	0	(35,529)
Estimated fair value	176,585,699	171,629,373	[1]
Equity securities [Abstract]
Estimated fair value	66,141,108	78,661,793	[1]
U.S. Government and Govt. Agencies and Authorities [Member]
Fixed maturities [Abstract]
Original or amortized cost	44,793,626	35,761,440
Gross unrealized gains	1,614,309	402,832
Gross unrealized losses	0	(35,529)
Estimated fair value	46,407,935	36,128,743
U.S. Special Revenue and Assessments [Member]
Fixed maturities [Abstract]
Original or amortized cost	14,361,765	14,371,263
Gross unrealized gains	1,524,448	832,100
Gross unrealized losses	0	0
Estimated fair value	15,886,213	15,203,363
All Other Corporate Bonds [Member]
Fixed maturities [Abstract]
Original or amortized cost	97,877,059	109,827,152
Gross unrealized gains	16,414,492	10,470,115
Gross unrealized losses	0	0
Estimated fair value	$ 114,291,551	$ 120,297,267
[1]	Balance sheet audited at December 31, 2019.

Investments, Debt Securities by

Investments, Debt Securities by Contractual Maturity (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Amortized cost [Abstract]
Due in one year or less	$ 23,776,809
Due after one year through five years	46,399,814
Due after five years through ten years	34,654,588
Due after ten years	25,468,466
Fixed maturities with no single maturity date	26,732,773
Original or amortized cost	157,032,450	$ 159,959,855
Fair value [Abstract]
Due in one year or less	24,205,154
Due after one year through five years	49,609,973
Due after five years through ten years	39,465,754
Due after ten years	30,241,655
Fixed maturities with no single maturity date	33,063,163
Estimated fair value	$ 176,585,699	$ 171,629,373	[1]
[1]	Balance sheet audited at December 31, 2019.

Investments, Securities in Cont

Investments, Securities in Continuous Unrealized Loss Position (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
All Other Corporate Bonds [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, fair value	$ 0
12 months or longer, fair value	0
Total fair value	0
Less than 12 months, unrealized losses	0
12 months or longer, unrealized losses	0
Total unrealized losses	0
U.S. Government and Govt. Agencies and Authorities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, fair value		$ 6,059,380
12 months or longer, fair value		0
Total fair value		6,059,380
Less than 12 months, unrealized losses		(35,529)
12 months or longer, unrealized losses		0
Total unrealized losses		(35,529)
Fixed Maturities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, fair value	0	6,059,380
12 months or longer, fair value	0	0
Total fair value	0	6,059,380
Less than 12 months, unrealized losses	0	(35,529)
12 months or longer, unrealized losses	0	0
Total unrealized losses	$ 0	$ (35,529)

Investments, Number of Securiti

Investments, Number of Securities in Unrealized Loss Position (Details) - Security	Jun. 30, 2020	Dec. 31, 2019
Fixed Maturities [Abstract]
Less than 12 months, number of securities	0	3
12 months or longer, number of securities	0	0
Total number of securities	0	3

Investments, Net Investment Gai

Investments, Net Investment Gains (Losses) and Change in Net Unrealized Gains on Available-for-sale Investments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Realized gains on available-for-sale investments [Abstract]
Total realized gains	$ 1,844,325	$ 5,545,755	$ 9,018,832	$ 6,659,453
Realized losses on available-for-sale investments [Abstract]
Other-than-temporary impairments	0	0	0	0
Total realized losses	(64,992)	(243,977)	(64,992)	(243,977)
Net realized investment gains (losses)	1,779,333	5,301,778	8,953,840	6,415,476
Change in fair value of equity securities [Abstract]
Change in fair value of equity securities held at the end of the period	12,946,281	97,148	(11,738,163)	14,884,779
Change in fair value of equity securities	12,946,281	97,148	(11,738,163)	14,884,779
Total net investment gains (losses)	14,725,614	5,398,926	(2,784,323)	21,300,255
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	6,595,986	3,925,070	8,068,851	8,859,921
Fixed Maturities [Member]
Realized gains on available-for-sale investments [Abstract]
Total realized gains	11,732	101,633	403,215	116,688
Realized losses on available-for-sale investments [Abstract]
Total realized losses	(64,992)	(111,459)	(64,992)	(111,459)
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	6,595,986	3,925,070	8,068,851	8,859,921
Equity Securities [Member]
Realized gains on available-for-sale investments [Abstract]
Total realized gains	1,832,593	2,765,915	8,615,617	2,765,915
Realized losses on available-for-sale investments [Abstract]
Total realized losses	0	0	0	0
Real Estate [Member]
Realized gains on available-for-sale investments [Abstract]
Total realized gains	0	2,678,207	0	3,776,850
Realized losses on available-for-sale investments [Abstract]
Total realized losses	0	0	0	0
Other [Member]
Realized gains on available-for-sale investments [Abstract]
Total realized gains	0	0	0	0
Realized losses on available-for-sale investments [Abstract]
Total realized losses	$ 0	$ (132,518)	$ 0	$ (132,518)

Investments, Mortgage Loans, In

Investments, Mortgage Loans, Investment Real Estate, Notes Receivable, and Short-Term Investments (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Cost Method Investments [Abstract]
Equity Securities without Readily Determinable Fair Value, Amount	$ 14,417,247		$ 10,919,247	[1]
Mortgage Loans [Abstract]
Mortgage loans acquired, including discounted mortgage loans	$ 5,098,138		4,014,455
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]
In good standing	13,097,827		8,223,286
Total mortgage loans	$ 13,097,827		$ 8,223,286	[1]
Investment Real Estate [Abstract]
Investments in oil/gas royalties as a % of total investment real estate portfolio	45.00%		44.00%
Investment real estate acquired	$ 0	$ 1,408,021
Notes Receivable [Abstract]
Valuation allowance	0		$ 0
Notes receivable acquired	3,500,000	7,528,188
Short-Term Investments [Abstract]
Short-term investments acquired	$ 6,000,000	$ 0
Farm Loans [Member] | Minimum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	5.00%		5.00%
Farm Loans [Member] | Maximum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	5.00%		5.00%
Commercial Loans [Member] | Minimum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	4.24%		4.82%
Commercial Loans [Member] | Maximum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	7.50%		7.50%
Residential Loans [Member] | Minimum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	5.50%		8.00%
Residential Loans [Member] | Maximum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	5.50%		8.00%
[1]	Balance sheet audited at December 31, 2019.

Fair Value Measurements, Assets

Fair Value Measurements, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Assets [Abstract]
Fixed maturities available for sale	$ 176,585,699	$ 171,629,373	[1]
Equity securities	66,141,108	78,661,793	[1]
U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	46,407,935	36,128,743
Measured on a Recurring Basis [Member]
Assets [Abstract]
Fixed maturities available for sale	176,585,699	171,629,373
Equity securities	66,141,108	78,661,793
Total financial assets	242,726,807	250,291,166
Measured on a Recurring Basis [Member] | U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	46,407,935	36,128,743
Measured on a Recurring Basis [Member] | U.S. Special Revenue and Assessments [Member]
Assets [Abstract]
Fixed maturities available for sale	15,886,213	15,203,363
Measured on a Recurring Basis [Member] | Corporate Securities [Member]
Assets [Abstract]
Fixed maturities available for sale	114,291,551	120,297,267
Measured on a Recurring Basis [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities	66,141,108	78,661,793
Measured on a Recurring Basis [Member] | Level 1 [Member]
Assets [Abstract]
Fixed maturities available for sale	46,407,935	36,128,743
Equity securities	23,092,530	29,888,281
Total financial assets	69,500,465	66,017,024
Measured on a Recurring Basis [Member] | Level 1 [Member] | U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	46,407,935	36,128,743
Measured on a Recurring Basis [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] | Level 1 [Member] | Corporate Securities [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Level 1 [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities	23,092,530	29,888,281
Measured on a Recurring Basis [Member] | Level 2 [Member]
Assets [Abstract]
Fixed maturities available for sale	130,177,764	135,500,630
Equity securities	16,041,865	14,258,750
Total financial assets	146,219,629	149,759,380
Measured on a Recurring Basis [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] | Level 2 [Member] | U.S. Special Revenue and Assessments [Member]
Assets [Abstract]
Fixed maturities available for sale	15,886,213	15,203,363
Measured on a Recurring Basis [Member] | Level 2 [Member] | Corporate Securities [Member]
Assets [Abstract]
Fixed maturities available for sale	114,291,551	120,297,267
Measured on a Recurring Basis [Member] | Level 2 [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities	16,041,865	14,258,750
Measured on a Recurring Basis [Member] | Level 3 [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Equity securities	27,006,713	34,514,762
Total financial assets	27,006,713	34,514,762
Measured on a Recurring Basis [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] | 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] | Level 3 [Member] | Corporate Securities [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Level 3 [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities	$ 27,006,713	$ 34,514,762
[1]	Balance sheet audited at December 31, 2019.

Fair Value Measurements, Reconc

Fair Value Measurements, Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 34,514,762
Total unrealized gain or (losses) [Abstract]
Included in net income (loss)	(139,588)
Included in other comprehensive income	0
Purchases	3,082,007
Sales	(10,450,468)
Ending Balance	27,006,713	$ 34,514,762
Change in fair value of equity securities included in net income (loss) relating to assets held	(139,588)	6,461,670
Fixed Maturities, Available for Sale [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0
Total unrealized gain or (losses) [Abstract]
Included in net income (loss)	0
Included in other comprehensive income	0
Purchases	0
Sales	0
Ending Balance	0	0
Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	34,514,762
Total unrealized gain or (losses) [Abstract]
Included in net income (loss)	(139,588)
Included in other comprehensive income	0
Purchases	3,082,007
Sales	(10,450,468)
Ending Balance	$ 27,006,713	$ 34,514,762

Fair Value Measurements, Carryi

Fair Value Measurements, Carrying Values and Estimated Fair Values of Financial Instruments not Recorded at Fair Value (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Carrying Amount [Member]
Assets [Abstract]
Equity securities, at cost	$ 14,417,247	$ 10,919,247
Mortgage loans on real estate	13,097,827	8,223,286
Investment real estate	40,725,963	44,344,236
Notes receivable	19,654,162	19,487,458
Policy loans	8,709,100	8,803,876
Short term investments	12,435,481	10,442,173
Cash and cash equivalents	29,317,455	28,787,629
Estimated Fair Value [Member]
Assets [Abstract]
Equity securities, at cost	14,417,247	10,919,247
Mortgage loans on real estate	12,934,172	7,531,094
Investment real estate	85,158,424	85,158,424
Notes receivable	23,313,608	19,332,472
Policy loans	8,709,100	8,803,876
Short term investments	12,435,481	10,442,173
Cash and cash equivalents	29,317,455	28,787,629
Equity securities, at cost	$ 14,417,247	10,919,247	[1]
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]
Equity securities, at cost	$ 0	0
Mortgage loans on real estate	0	0
Investment real estate	0	0
Notes receivable	0	0
Policy loans	0	0
Short term investments	12,435,481	10,442,173
Cash and cash equivalents	29,317,455	28,787,629
Level 2 [Member]
Assets [Abstract]
Equity securities, at cost	0	0
Mortgage loans on real estate	0	0
Investment real estate	0	0
Notes receivable	0	0
Policy loans	0	0
Short term investments	0	0
Cash and cash equivalents	0	0
Level 3 [Member]
Assets [Abstract]
Equity securities, at cost	14,417,247	10,919,247
Mortgage loans on real estate	12,934,172	7,531,094
Investment real estate	85,158,424	85,158,424
Notes receivable	23,313,608	19,332,472
Policy loans	8,709,100	8,803,876
Short term investments	0	0
Cash and cash equivalents	$ 0	$ 0
[1]	Balance sheet audited at December 31, 2019.

Credit Arrangements (Details)

Credit Arrangements (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Line of Credit Facility [Abstract]
Pledged Bonds	$ 12,549,410
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	4.04%
Frequency of payments	monthly
Assets Pledged	common voting stock of its wholly owned subsidiary, Universal Guaranty Life Insurance Company.
UTG 2013-11-20 [Member] | UG [Member]
Line of Credit Facility [Abstract]
Issue Date	Nov. 20, 2013
Maturity Date	Nov. 20, 2020
Revolving Credit Limit	$ 8,000,000
Outstanding Balance	0	$ 0
Borrowings	0
Repayments	$ 0
Percentage of common voting stock pledged	100.00%
UG Avalon 2015-06-02 [Member] | UG [Member]
Line of Credit Facility [Abstract]
Issue Date	Jun. 2, 2015
Maturity Date	May 7, 2021
Revolving Credit Limit	$ 10,000,000
Outstanding Balance	0	$ 0
Borrowings	0
Repayments	$ 0

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	1 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stock Repurchase Program [Abstract]
Stock repurchase program, additional amount authorized	$ 2,500,000
Stock repurchase program authorized amount	$ 18,500,000		$ 18,500,000
Stock repurchased during period (in shares)		13,979
Amount paid to repurchase shares during the year		$ 450,057	$ 561,342
Amount of common stock repurchased		$ 15,223,153
Number of common stock acquired (in shares)		1,183,337
Number of shares issued (in shares)		6,664
Cost of shares issued		$ 218,289
Earnings Per Share Calculations [Abstract]
Dilutive instruments outstanding (in shares)		0	0

Commitments and Contingencies_2

Commitments and Contingencies (Details)	Jun. 30, 2020USD ($)
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	20,000
Sovereign's Capital, LP Fund II [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	1,000,000
Unfunded Commitment	158,596
Sovereign's Capital, LP Fund III [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	3,000,000
Unfunded Commitment	2,137,079
Macritchie Storage II, LP [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	7,000,750
Unfunded Commitment	2,100,407
Garden City Companies, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	2,000,000
Unfunded Commitment	1,956,688
Carrizo Springs Music, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	2,500,000
Unfunded Commitment	2,296,875
Modern Distributors, Inc [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	7,200,000
Unfunded Commitment	$ 3,700,000

Other Cash Flow Disclosures (De

Other Cash Flow Disclosures (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Other Cash Flow Disclosures [Abstract]
Interest	$ 0	$ 0	$ 0	$ 0
Federal income tax	$ 2,110,000	$ 1,106,000	$ 2,110,000	$ 1,106,000

Concentrations of Credit Risk_2

Concentrations of Credit Risk (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)State	Jun. 30, 2019	Dec. 31, 2019USD ($)
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]
Investment	351,766,587		$ 352,511,442	[1]
Oil and Gas Industry [Member]
Allocation of Oil and Gas Investments [Abstract]
Investment	64,946,804		86,819,475
Oil and Gas Industry [Member] | Land, Mineral, and Royalty Interests [Member]
Allocation of Oil and Gas Investments [Abstract]
Investment	63,724,044		80,182,100
Oil and Gas Industry [Member] | Transportation [Member]
Allocation of Oil and Gas Investments [Abstract]
Investment	0		3,812,565
Oil and Gas Industry [Member] | Exploration [Member]
Allocation of Oil and Gas Investments [Abstract]
Investment	$ 1,222,760		$ 2,824,810
Reinsurer Concentration Risk [Member] | Life Insurance Ceded [Member]
Concentrations [Abstract]
Percentage of gross insurance in force	20.00%		21.00%
Percentage of premium income	34.00%	36.00%
Direct Premium Collected [Member] | Geographic Concentration Risk [Member] | Illinois, Ohio, Texas and West Virginia [Member]
Concentrations [Abstract]
Concentration risk, percentage	55.00%	55.00%
Invested Assets [Member] | Customer Concentration Risk [Member] | Oil and Gas Industry [Member]
Concentrations [Abstract]
Concentration risk, percentage	18.00%		25.00%
[1]	Balance sheet audited at December 31, 2019.