Business / Agriculture / Revenue Insurance: A crop insurance program that provides coverage to producers against lost revenues (or incomes) caused by low prices, low yields, or a combination of low prices and low yields. An indemnity is paid to a producer when any combination of yield and price results in revenue that is less than a pre-specified revenue guarantee. The FAIR Act of 1996 mandates a USDA pilot program for crop years 1997-2000 under which producers of feed grains, wheat, soybeans, and other crops in specified areas may elect to receive insurance against loss of revenue. The two largest pilot programs to date are the Crop Revenue Coverage (CRC) program and the Income Protection (IP) program. The two programs are similar, except that the CRC allows farmers to insure their revenue at either planting-time prices or harvest prices, whichever is higher. The full cost of the premium associated with CRC and IP is paid by the participating farmer.
Insurance Verb Synonyms: assurance, surety, indemnity, indemnification, guarantee or guaranty, warranty, bond, security, protection, cover
Revenue Noun Synonyms: (gross) income, proceeds, receipts, return(s), yield, interest, takings, net (income), gate, profits, gain, take
Business / Agriculture / Crop Revenue Coverage (CRC): A form of revenue insurance that protects a producer’s revenue for an insurable crop whenever low prices, low yields, or a combination of both causes revenue to fall below a guaranteed level selecte MORE
Business / Agriculture / Income Insurance: A concept, similar to revenue insurance, that envisions an insurance program that would insure farm families a specified minimum annual income. MORE
Business / Agriculture / Adjusted Gross Revenue (AGR) Pilot Program: A pilot revenue insurance program first implemented in 1999 by USDA on a limited basis. It allows farmers to receive a guarantee of a percentage of their revenue for multiple commodities, including so MORE