| Crop Hail Insurance Products
Full Coverage
A policy that gives the insured a payment that equals the percent of loss
multiplied by the insured value per acre.
Deductible
Policies that do not issue payments until the loss exceeds a set percentage.
Companion
Policies that require the loss to exceed a set percentage. Once the loss
exceeds the set percentage, then that percent is subtracted from the loss
and multiplied by a factor of 2, 2.5, or 3, depending on the policy type.
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| Multi-Peril Crop Insurance Products
Actual Production History (APH)
A multi-peril crop insurance product that provides protection against a loss
in yield due to nearly all natural disasters.
Crop Revenue Coverage (CRC)
A multi-peril crop insurance product that guarantees revenue by combining
yield and price variability.
Group Risk Protection (GRP)
A county-based insurance product that pays the producer in the event the
county yield falls below the trigger yield selected by the producer.
Group Risk Income Protection (GRiP)
A county-based revenue insurance product that pays the producer in the event
the county average per-acre revenue falls below the trigger revenue level
selected by the producer. GRIP is based on the same principle as Group Risk
Protection (GRP), but guarantees revenue instead of yield.
Revenue Assurance (RA)
A multi-peril crop insurance product that is based on Board of Trade prices
and protects against loss of revenue caused by low prices, low yields, or a
combination of both.
Income Protection (IP)
A multi-peril crop insurance product that is based on Board of Trade prices
and protects against loss of revenue caused by low prices, low yields, or a
combination of both.
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