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Federal Crop Insurance - Farm Bill Provisions, Trends & Premium Reduction Considerations (Hardcover)
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Federal Crop Insurance - Farm Bill Provisions, Trends & Premium Reduction Considerations (Hardcover)
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The federal crop insurance program began in 1938 when Congress
authorized the Federal Crop Insurance Corporation. The current
program, which is administered by the U.S. Department of
Agriculture's Risk Management Agency (RMA), provides producers with
risk management tools to address crop yield and/or revenue losses
for about 130 crops. The federal farm safety net also includes the
farm commodity support programs, which provide price and income
support for a much narrower list of "covered and loan commodities"
such as corn, wheat, rice, and peanuts. In purchasing a crop
insurance policy, a producer growing an insurable crop selects a
level of coverage and pays a portion of the premium -- or none of
it in the case of catastrophic coverage -- which increases as the
level of coverage rises. The federal government pays the rest of
the premium. This book provides a primer on the federal crop
insurance program and briefly summarises changes to the program by
the 2014 farm bill.
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