Crop 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 ?
As a result, coastal residents have seen their wind and hail insurance premiums soar, and in a growing number of cases insurers have cancelled this coverage altogether.
Iowa-based Farmers Mutual Hail Insurance (FMH) has announced that it has appointed Miles Capital to manage its fixed income.
In 2012, insurance policies are sold and serviced through 15 RMA-approved carriers: ACE American, Agrinational, American Agri-Business, American Agriculture, Austin Mutual, Country Mutual, Everest Reinsurance, Farmers Mutual Hail Insurance Co.
Equalization reserves are for random fluctuations of claim expenses for some types of insurance contracts such as hail insurance, according to the GAO's February 2005 report.
Our producer clientele have always relied on us for traditional products like operating capital, credit lines, term notes, however, now they look to us for tools to help them manage trust and succession planning, payroll and employee benefits, land leases and crop and hail insurance," says Agan.
WEST DES MOINES, Iowa, March 31, 2015 /PRNewswire/ -- Farmers Mutual Hail Insurance Company of Iowa (FMH) today announced it has completed the closing on the acquisition of John Deere Insurance Company and John Deere Risk Protection, Inc.
The intent of the polls is to get the heartbeat of membership on what is coming at them at any particular time and then kick that back to membership," explains McEntee, the assistant treasurer at Farmers Mutual Hail Insurance Co.
The new business, called ACE Agribusiness, includes Penn Millers Insurance Company, which ACE bought in 2011, and the Farm and Ranch unit of Rain and Hail Insurance Service, bought in 2010.
DES MOINES, Iowa -- Farmers Mutual Hail Insurance of Iowa (FMH) has appointed Miles Capital as fixed income manager.
March 31, 2015 /PRNewswire/ -- Deere & Company (NYSE: DE) has completed the sale of its crop insurance business to Farmers Mutual Hail Insurance Company of Iowa (FMH).
The ACE Group launched ACE Agribusiness through the integration of Penn Millers Insurance Company in 2011, and the Farm and Ranch division of Rain and Hail Insurance Service purchased in 2010.