Florida Crop Hail And Multiple Peril Crop Insurance Agent -Books Pdf

FLORIDA CROP HAIL AND MULTIPLE PERIL CROP INSURANCE AGENT
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The following material is designed to prepare candidates for the crop hail and multi peril agents. license examination To prepare for this examination candidates should also study and be. familiar with the basic Crop Hail policy Portions of this manual have been reproduced in. cooperation with the Federal Crop Insurance Corporation. I Legal Characteristics of an Insurance Contract page 2. II The Crop Insurance Contract page 3,III Actuarial Structure Material page 28. IV Florida Statutes Pertinent to page 34,a Crop Hail Limited Licenses. b Unfair Trade Practices,I THE LEGAL CHARACTERISTICS OF AN. INSURANCE CONTRACT,1 Offer and Acceptance,2 Consideration. 3 Legal Object,4 Competent Parties,REQUIREMENTS OF AN ENFORCEABLE CONTRACT.
In order for a contract to be legally binding or enforceable by law it must have four essential. elements The essential elements of a contract are,1 Offer and Acceptance. 2 Consideration,3 Legal Object, 4 Competent Parties The essential element of a binding. In order to have a legally enforceable contract there must be a definite unqualified. offer by one party Example farmer submitting an application and this offer must. be accepted in its exact terms by the other party Example the corporation. accepting the application An insurance contract is legally binding once an agent. signs an application Type of entities participating in Crop Insurance Individual. corporation partnership joint operators co owner estates trust county state. municipal office agent entities and associations clubs tax exempt agencies. II THE CROP INSURANCE CONTRACT,The contract is composed of four 4 basic sections. 1 The Declarations,2 The Insuring Agreement,3 The Exclusions. 4 The Conditions,THE CROP INSURANCE CONTRACT,The contract is composed of four 4 basic sections.
A The Declarations, These are statements by the insured which include the name of the insured. identification of the insured location of property insured and identification of the. property insured,B The Insuring Agreement, These are statements by a company whereby they promise to pay for a loss if it. results from a covered peril An All Risk policy will cover loss by any peril except. those that are specially excluded,C The Exclusions. These are statements by a company where they state what they will not do The. exclusions are a basic part of the contract and understanding of the contract. requires a complete knowledge of the exclusions,D The Conditions. This is part of the contract that spells out in detail the duties and rights of both. THE LEGAL CHARACTERISTICS OF AN,INSURANCE CONTRACT.
1 It is a personal contract,2 It is a unilateral contract. 3 It is a contract of adhesion,4 It is an aleatory contract. 5 It is a contract of utmost good faith,6 It is a contract of indemnity. ITS CONTENTS AND LEGAL CHARACTERISTICS, THE INSURANCE The contract used by All Risk crop insurance has all six characteristics of. CONTRACT an insurance contract We will see and note these characteristics as we. look at the contents of the contract,List of 6 A It is a personal contract.
Legal B It is a unilateral contract,Characteristics C It is a contract of adhesion. D It is an aleatory contract,E It is a contract of utmost good faith. F It is a contract of indemnity,MISREPRESENTATION AND FRAUD. The Corporation may void the contract without affecting the insured s liability for premiums or. waiving any right including the right to collect any unpaid premiums if at any time the insured. has concealed or misrepresented any material fact or committed any fraud relating to the. contract and such voidance shall be effective as of the beginning of the crop year with respect. to which such act or omission occurred,Fraud 1 Contract may be voided if the insured has. a Concealed information,b Misrepresented material fact.
c Committed fraud,2 Claim for indemnity will be denied. 3 Premium will be due, Insurance is a contract of utmost good faith Concealment must involve a material fact which. would have changed the underwriting basis of the policy A misrepresentation of a material fact. may provide grounds for voiding the policy even though the misrepresentation was. unintentional, Personal A Although the insurance applies to production the risk is transferred to the. Contract company from the individual, Unilateral B Only one of the parties to the contract is legally bound to do anything The. Contract insured makes no promises that he can legally be required to keep It is true that. an insurance contract is a conditional contract and if the insured violates certain. conditions of the contract he may be prevented from collecting but he cannot be. required to keep any of the conditions, Contract of C This means that it is prepared by one of the parties the company and.
Adhesion accepted or rejected by the other the insured It is not about the provisions. Because the company has the right to draw up the contract the courts have held. that any ambiguity in the contract should be interpreted in favor of the insured. The fact that the insurance policy is a contract of adhesion and the insured must. accept or reject the terms as they are written makes the doctrine of presumption. of intent rather important in the areas of insurance Under the doctrine of. presumption of intent the courts have ruled that a person is bound by the terms. of a written contract which he signs or accepts whether he reads the contract or. not In other words the court assumes that the insured has read his contract and. agreed with the terms thereof, Under the terms of the policy the insurance company promises to reimburse the insured his. financial loss up to the amount of the insurance he has purchased no more In simplest terms. an individual should not be permitted to make a profit through insurance. There are three 3 important principles which back up this legal characteristic. 1 Insurable interest He can only insure what he has an interest in. 2 Subrogation When he collects from an insurance company for the full value of the. due to a third party he loses his right to collect damages from the third party. 3 Apportionment Pro rata clause He cannot collect more than the actual value of his. DEFINITION OF TERMS,For the purpose of crop insurance. a Actuarial Table means the forms and related material for the crop year approved by. the Corporation which are on file for public inspection in the office for the county and. which show the production guarantees coverage levels premium rates prices for. computing indemnities insurable and uninsurable acreage and related information. regarding insurance in the county, b Appraisal means if the insured fails to agree with the company on the percentage of. loss caused by one of the insured perils the following procedure will be used. a One of the party s will demand in writing that the percentage of loss by set. by appraisal, b Each party will select a competent appraiser and notify the other of the. appraiser s identity within 10 days after receipt of the written demand. c The two appraisers will then select a competent impartial umpire If within 10. days of the selection of the appraisers the two appraisers are unable to. agree upon an umpire either party can ask a judge of a out of record in the. state which the insured crop is grown to select an umpire If the court fails to. act on the request within 30 days either party can ask the American. Arbitration Association to select an umpire, d The appraisers will then set the percentage of loss The appraisers written.
agreement will be final and binding, e If the appraisers fail to agree within 10 days they will submit their difference. to the umpire Written agreement signed by any two of these three will set. the percentage of loss This written report of an agreement will be final and. f In the event either party fail to select an appraiser within the time allowed. herein the appraiser selected by the other party will set the percentage of. loss and his written report will be final and binding. g The determination of the percentage of loss rendered by these procedures. may be entered in any court of competent jurisdiction as a final judgment. Each appraiser will be paid by the party selecting that appraiser Other expenses of the. appraisal and compensation of the umpire will be paid equally by both party s. c County means the county shown on the application and any additional land located. in a local producing area bordering on the county as whose on the actuarial table. d Crop Year means the period within which the crop is normally grown and shall be. designated by the calendar year in which the crop is normally harvested. d Feasible to Replant When the remaining growing season is considered sufficient. for a crop to reach maturity, e Fire Department Service Charge We will pay up to 500 for your obligation. assumed by contract or agreement for fire department charges incurred when the fire. department is called to save or protect the unharvested crop. f Harvest Harvest will be defined in the individual crop sessions. g Insurable Acreage means the land classified as insurable by the Corporation and. shown as such on the county actuarial table, h Insured means the person who submitted the application accepted by the. Corporation, i Office for the County means the Corporation s serving the county shown on the. application for insurance or such office may be designated by the Corporation. j Person means an individual partnership association corporation estate. trust or other business enterprise or legal entity and wherever applicable a State. a political subdivision of a State or any agency thereof. k Share means the interest of the insured as landlord owner operator or tenant. in the insured crop at the time of seeding as reported by the insured or as. determined by the Corporation whichever the Corporation shall elect and no. other share shall be deemed to be insured Provided 1 that for the purpose of. determining the amount of indemnity the insured share shall not exceed the. harvest on the unit 2 the calendar date for the end of the insurance period or 3. the date the entire crop on the unit is destroyed as determined by the Corporation. l Tenant means a person who rents land from another person for a share of the. crop or proceeds there from, m Unit The term unit is defined as an identifiable tract of land as determined by.
corporation guidelines on which is grown an insurable crop. n Transit Coverage except cotton and tobacco While the harvested crop is being. transported to the first place of storage not to exceed 100 miles this policy is extended. cover loss caused by,1 Fire and Lightning,2 Windstorm. 3 Collision,4 Overturn,5 Collapse of bridges docks and culverts. However Transit Coverage is excess over any other valid and collectible insurance. FEDERAL CROP INSURANCE,AN OVERVIEW, LIFE OF CONTRACT CANCELLATION AND TERMINATION The contract shall be in effect. for the crop year specified on the application and may not be cancelled for such crop year. Thereafter either party may cancel the insurance for any crop year by giving a signed notice to. the other on or before the cancellation date preceding such crop year. Cancellation 1 Contract may not be cancelled during the crop year specified on the. application, Exception Mutual consent cancellation for unavoidable causes. 2 Thereafter must be cancelled by signed notice of either party to the. contract prior to posted cancellation date, Note Give an example of how this provision works i e Farmer must sign a.
Specific form to cancel his insurance for the next crop year prior to the. calendar date posted for cancellation, NOTICE OF DAMAGE OR LOSS Notice shall be given at least fifteen 15 days prior to the. beginning of harvest if the crop on any unit is damaged to the extent that a loss is probable but. will be harvested If probable loss is not determined until less than fifteen 15 days prior to the. beginning of harvest on a unit notice shall be given immediately and a representative sample of. the unharvested crop at least 10 feet wide and the entire length of the field shall remain intact. for a period of fifteen 15 days from the date of the notice unless the Corporation gives written. consent to the insured to harvest the representative sample. Loss Notice 1 Fifteen 15 day notice before harvest is required where probable loss. Requirements exists and crop will be harvested, 2 Immediate notice is required if loss occurs less than fifteen 15 days. prior to harvest, A ten 10 foot wide strip length of field shall remain intact fifteen 15. days from date of notice or until released by Corporation. Note The fifteen 15 day notice of damage has been brought into existence. because of isolated heavy loss situation in a non loss area This. provision is to protect the farmer from higher premium lower coverage s. due to losses used by fraudulent claims This fifteen 15 day notice. provides an avenue to help curb these isolated heavy loss situations. CLAIM FOR INDEMNITY It shall be a condition precedent to the payment of any indemnity. that the insured 1 establish the total production of the crop on the unit and that any loss of. production has been directly caused by one or more of the insured causes during the insurance. period for the crop year for which the indemnity is claimed and 2 furnish any other information. regarding the manner and extent of loss as may be required by the Corporation. Claim 1 Insured shall establish total production on the unit provide. Requirements evidence of production i e scale tickets ledger sheets bin. 2 Insured shall establish that loss was caused by one or more. insured causes, 3 Insured shall furnish any other information pertinent to. settlement of the claim, NOTICE OF DAMAGE OR LOSS a Any notice of damage or loss shall be given promptly in.
writing by the insured to the Corporation at the office for the county b Notice shall be given. promptly if during the period before harvest the crop on any unit is damaged to the extent that. the insured does not expect to further care for the crop or harvest any part of it or if the insured. wants the consent of the Corporation to put the acreage to another use No insured acreage. shall be put to another use until the Corporation has made an appraisal of the potential. production of such acreage and consents in writing to such other use Such consent shall not. be given until it is too late or impractical to reseed or replant the initially PLANTED crop Notice. shall also be given when such acreage has been put to another use. Request for 1 Responsibility of Insured, Notify the Corporation through the agent immediately if acreage is to be. put to another use or if crop will be abandoned,DO NOT PUT ACREAGE TO ANOTHER USE WITHOUT. CORPORATION CONSENT,CLAIM FOR INDEMNITY, QUALITY ADJUSTMENT Mature production of a crop is graded according to U S Grain. Standards Each crop has the standards listed in the policy The policy states when the crop is. eligible for quality adjustment, Moisture 1 A quality adjustment will be made for production. And Quality 2 U S Grain Standards are used to guide the quality adjustment of the. Adjustment crop, 3 Dry weight will be used for indemnity computations for grain policies.
4 A crop value will be determined by comparing the poor quality grain. with a good quality grain,Insurance Elements of an Insurable Risk. Concept The loss must be beyond the control of the insured Low test weight is. beyond the control of the producer and normally results from an insurable. cause of loss, Indemnities shall be determined separately for each unit If the premium computed on the. insured acreage and share is more than the premium computed on the reported acreage and. share the amount of indemnity shall be computed on the reported acreage and share and then. reduced proportionately The total production to be counted for a unit shall be determined by. the Corporation and shall include all harvested and appraised production. Claims 1 Indemnities will be determined on a unit basis. 2 Indemnity will be computed on insured determined acres and share. then reduced proportionately when acreage or share is under. 3 The total production for a unit will include all appraised production if. any plus all harvested production if any, 4 The formula for computing the indemnity is contained in this section of. the crop policy,5 The basic formula for computing indemnity is. A Insured Acreage x Guarantee per Acre Unit Guarantee. B Unit Guarantee any appraised and or harvested production. C Unit Loss x Price Election Dollar Loss,D Dollar Loss x Share Indemnity Payment.
E This will be covered in greater detail in the individual crop. Appraised production that will be counted involves several different. situations, Appraised production to be counted shall include not less than the applicable guarantee for any. acreage which is abandoned or put to another use without prior written consent of the. Corporation or damaged solely by an uninsured cause. WOC 1 Without Consent assigned production will not be less than applicable. harvested guarantee, 2 The Corporation will not pay losses on a claim or portion of a claim where the. responsibilities of the insured were not followed as stated in the insurance. 3 The Corporation does not want actuarial imbalance caused by insured s not. following contract guidelines, CLAIM FOR AND PAYMENT OF INDEMNITY a Any claim for indemnity on a unit shall be. submitted to the Corporation on a form prescribed by the Corporation b In determining the. total production to be counted for each unit production from units on which the production has. been commingled will be allocated to such units in proportion to the liability on each unit. Commingled Commingled production will be allocated to units in. Production proportion to liability on each unit, Note Agent shall caution insured about consequences of.


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