Crop Hail
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Students also studied
LA&H Terms chapter 12 RMI Exam 2 P&C Ch
31 terms 11 terms 79 terms 20 terms
gina4787 Preview sierra__keller Preview richardpj Preview dae
1. Fire
2. Lightening
3. Wind (accompanied with Hail a lot)
What are the 7 Possible Named Peril
4. Hail
Policies
5. Freeze
6. Frost
7. snow
All crop policies will have a ___________________ "Special Provisions"
endorsement attached to comply with
Kansas Law
Whenever there is a conflict between the Special Provisions Endorsement
general provisions in the policy and the
Kansas Special Provisions Endorsement,
which one will apply?
1. Crop Hail
What are the 2 types of crop policies?
2. MPCI
Crop Hail covers.... Hail only unless other perils are endorsed
1. Other perils often attached to a crop hail Fire and Transit to First Place of Storage. Sold by commercial insurance companies
policy would only.
include....
Crop insurance covers for damage to growing crops for its reduced yield (actual economic loss)
Crop insurance premiums represent about 1
___% of all P & C premiums written
____States including KS and OK represent 12
about ___% of all crop insurance written in 80
the U.S.
MINNK
Name the 5 states with the most premium
Minnesota, Iowa, North Dakota, Nebraska, Kansas
, 1. Corn & Milo
2. Cereal Grains
What is the concentration by Crop (90% in
3. Soybeans
5 major crops)
4. tobacco
5. Cotton
1. inflation rate
3 factors that affect crop value and
2. Commodity Prices
premium
3. Current Surpluses
1. Kind of Crop
3 Factors that influence Crop losses 2. Stage of Growth
3. Size, intensity and force of hail.
When must insurable interest be proven When the claim is filed (when loss occurs)
Voids policy if the insured has willfully concealed or misrepresented a material fact
Concealment or Fraud
or circumstance
Only the insurance company can waive or change a provision in this policy. Any
Waiver change has to be made in writing and attached to this contract. Prevents the agent
or the insured from making changes to the policy
Prevents over-insurance. If another crop insurance policy covers the same interest
Pro-rata Liability
that this policy covers we will only pay our pro-rata share
Notice of Loss Requires timely notice. 10 days written notice after the occurrence
1. Field samples of the damaged crop
What accompanies the Withdrawal of claim
2. Harvesting and marketing records
form
3. submit to examination under oath
Proof of Loss Requires a signed proof of loss within 60 days in Kansas.
Insurer must make payment of loss within 30
____ days after the receipt of proof of loss.
1. When all policy provisions have been complied with (must be within 5 years of
When can the insured file a suit on a claim?
loss)
Abandonment When insured abandons crop to the insurer (wrong)
Process of insurer getting paid by the liable party after the insurer has given the
Subrogation insured the loss payment. (Insured must assign to the insurer, the right of recovery
against another party)
time period from Agreement on insurance to when it is actually issued. Does not go
into affect until 12:01 am the next day after it is signed by both parties.
Binder
If a loss occurs during the waiting period the insured must request return of premium
within 72 on the affected crops.
5 things: Insured and agent's name, address, mortgagee, schedule of insured crops
Required information includes
and current crop damage
Losses will be __________ with any other 1. Prorated
_____________ on the same ____________ for other 2. coverage
crops you have insurable interest in. 3. Acreage
Up to how many hours does the insurer 240
have to reject application
1. Personalize contract
What are is the purpose of the declarations
2. Insured's name address description of acreage being insured, limits, deductibles
page and what are some things on it?
etc.
Save
Students also studied
LA&H Terms chapter 12 RMI Exam 2 P&C Ch
31 terms 11 terms 79 terms 20 terms
gina4787 Preview sierra__keller Preview richardpj Preview dae
1. Fire
2. Lightening
3. Wind (accompanied with Hail a lot)
What are the 7 Possible Named Peril
4. Hail
Policies
5. Freeze
6. Frost
7. snow
All crop policies will have a ___________________ "Special Provisions"
endorsement attached to comply with
Kansas Law
Whenever there is a conflict between the Special Provisions Endorsement
general provisions in the policy and the
Kansas Special Provisions Endorsement,
which one will apply?
1. Crop Hail
What are the 2 types of crop policies?
2. MPCI
Crop Hail covers.... Hail only unless other perils are endorsed
1. Other perils often attached to a crop hail Fire and Transit to First Place of Storage. Sold by commercial insurance companies
policy would only.
include....
Crop insurance covers for damage to growing crops for its reduced yield (actual economic loss)
Crop insurance premiums represent about 1
___% of all P & C premiums written
____States including KS and OK represent 12
about ___% of all crop insurance written in 80
the U.S.
MINNK
Name the 5 states with the most premium
Minnesota, Iowa, North Dakota, Nebraska, Kansas
, 1. Corn & Milo
2. Cereal Grains
What is the concentration by Crop (90% in
3. Soybeans
5 major crops)
4. tobacco
5. Cotton
1. inflation rate
3 factors that affect crop value and
2. Commodity Prices
premium
3. Current Surpluses
1. Kind of Crop
3 Factors that influence Crop losses 2. Stage of Growth
3. Size, intensity and force of hail.
When must insurable interest be proven When the claim is filed (when loss occurs)
Voids policy if the insured has willfully concealed or misrepresented a material fact
Concealment or Fraud
or circumstance
Only the insurance company can waive or change a provision in this policy. Any
Waiver change has to be made in writing and attached to this contract. Prevents the agent
or the insured from making changes to the policy
Prevents over-insurance. If another crop insurance policy covers the same interest
Pro-rata Liability
that this policy covers we will only pay our pro-rata share
Notice of Loss Requires timely notice. 10 days written notice after the occurrence
1. Field samples of the damaged crop
What accompanies the Withdrawal of claim
2. Harvesting and marketing records
form
3. submit to examination under oath
Proof of Loss Requires a signed proof of loss within 60 days in Kansas.
Insurer must make payment of loss within 30
____ days after the receipt of proof of loss.
1. When all policy provisions have been complied with (must be within 5 years of
When can the insured file a suit on a claim?
loss)
Abandonment When insured abandons crop to the insurer (wrong)
Process of insurer getting paid by the liable party after the insurer has given the
Subrogation insured the loss payment. (Insured must assign to the insurer, the right of recovery
against another party)
time period from Agreement on insurance to when it is actually issued. Does not go
into affect until 12:01 am the next day after it is signed by both parties.
Binder
If a loss occurs during the waiting period the insured must request return of premium
within 72 on the affected crops.
5 things: Insured and agent's name, address, mortgagee, schedule of insured crops
Required information includes
and current crop damage
Losses will be __________ with any other 1. Prorated
_____________ on the same ____________ for other 2. coverage
crops you have insurable interest in. 3. Acreage
Up to how many hours does the insurer 240
have to reject application
1. Personalize contract
What are is the purpose of the declarations
2. Insured's name address description of acreage being insured, limits, deductibles
page and what are some things on it?
etc.
