Crop Insurance

(redirected from Hail insurance)
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Crop Insurance

A contract of indemnity by which, for a specified premium, one party promises to compensate another for the financial loss incurred by the destruction of agricultural products from the forces of nature, such as rain, hail, frost, or insect infestation.

The federal government, acting through the Federal Crop Insurance Corporation, an agency of the department of agriculture, sponsors such insurance. By improving the economic stability of agriculture, crop insurance promotes the welfare of the nation.

Cross-references

Agricultural Law.

References in periodicals archive ?
The exemption covers agriculture, which includes crop, livestock and hail insurance premiums as well as individual and group life and health insurance premiums.
Backers include Allstate, EMC Insurance, Farmers Mutual Hail Insurance Company of Iowa, W.
Robotics and sensors are already being used to provide real-time analysis of weather and soil conditions in hail insurance.
As a result of the carnage, the General Hail Insurance Company, later to become Norwich Union, was formed.
Carrie Flynn, Farmers Mutual Hail Insurance, referred by Bob Pokorny
US-based agricultural insurer Farmers Mutual Hail Insurance Co.
The company said that it was looking to sell its crop insurance segment to Farmers Mutual Hail Insurance Co of Iowa.
Jensen, who was hired by Rain & Hail Insurance Service in Fresno, Calif.
The rating action follows the recent announcement that AGIC's parent, Rain and Hail Insurance Service, has entered into a definitive agreement to be acquired by Ace Ltd (NYSE:ACE), AM Best explained.
However, in hazard zones V and A, property owners must purchase wind and hail insurance as a separate policy.
The Seed Grain Act of 1908 and the Hail Insurance Act of 1912 sought to provide farmers some protection from crop failure and damage.
I have always made money off of crop hail insurance," Johnson allegedly said.