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1 Federal Crop Insurance: A Description 1956

handle is hein.beal/fedcpi0001 and id is 1 raw text is: FEDERAL CROP INSURANCE - A DESCRIPTION Introductory Description Federal crop insurance is a type of insurance not available from private insurance companies that is offered by the Federal Crop Insurance Cor- poration, an agency of the United States Department of Agriculture. This insurance generally covers the unavoidable natural causes of loss, including drought, flood, hail, wind, frost, winterkill, lightning, fire, excessive rain, snow, wildlife, hurricane, tornado, insect infestation, plant diseases, and such other unavoidable causes as may be determined by the Board of Directors. It does not cover such causes of loss as neglect, poor farming practices, theft, or the risk of financial loss due to low prices. The insurance is voluntary and the farmer pays a premium for this pro- tection. The premiums are required to be set at a level believed adequate to cover losses and to provide a reserve against unforeseen losses. Operating costs have been borne by the Government through annual appro- priations and these costs have not been included in the premiums farmers pay. The annual appropriation acts beginning with that for the 1955 fiscal year authorized the charging of some costs against premium income. The appropriation act for the 1957 fiscal year provides that the direct costs of loss adjusters for crop inspections and loss adjustments and not to exceed $2, 000, 000 of administrative and operating expenses may be charged against premium income. These costs are not taken into consideration when premium rates are computed. It is not possible herein to describe the rates of premium farmers have to pay because these vary widely by areas depending on (1) the crop insured, (2) the risk of the area, and (3) the amount of insurance per acre. Federal crop insurance is not available in all counties and in most of the insurance counties only one crop is insured. In.1956 one or more crops were insured in 805 counties out of about 3, 000 agricultural counties in the country. In these counties more than a third of a million producers were insured. The reason that this insurance is not available to all farmers on all crops is that it is still in an experimental or developing stage. Some of the insurance, such as barley and soybean, is in a very early stage of experimentation while insurance of wheat, which was started first, is in an advanced stage of development. Third revision - August 1956 Prepared by William H /Rowe, FCIC

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