Podcast
Questions and Answers
What is the purpose of crop insurance?
What is the purpose of crop insurance?
Who is considered the policyholder in an insurance contract?
Who is considered the policyholder in an insurance contract?
When was the General Insurance Corporation (GIC) established?
When was the General Insurance Corporation (GIC) established?
Who ruled out the possibility of implementing the cattle insurance scheme in India in 1970?
Who ruled out the possibility of implementing the cattle insurance scheme in India in 1970?
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What type of risks does crop insurance compensate farmers for?
What type of risks does crop insurance compensate farmers for?
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Study Notes
Crop Insurance Overview
- Designed to protect farmers against loss of crops due to natural disasters, price fluctuations, or other agricultural risks.
- Helps stabilize farm income and ensures economic security for agricultural producers.
Policyholder Definition
- The policyholder in an insurance contract is the individual or entity that owns the insurance policy and pays premiums to the insurer.
- In crop insurance, the policyholder is typically the farmer or agricultural producer seeking coverage for their crops.
General Insurance Corporation (GIC)
- Established in 1972 in India to regulate and promote the insurance sector within the country.
- Plays a vital role in providing reinsurance and supporting the overall infrastructure of the insurance market.
Cattle Insurance Scheme
- The possibility of implementing a cattle insurance scheme in India was ruled out by the then Minister of Agriculture, Fakhruddin Ali Ahmed, in 1970.
Risks Covered by Crop Insurance
- Compensates for risks such as drought, flood, pest attacks, and other natural calamities that adversely affect crop yield.
- May also cover loss of income due to unfavorable market conditions resulting in price drops for agricultural products.
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Description
Test your knowledge of the fundamental concepts of crop insurance, designed to protect farmers from financial losses caused by hazards that can damage their crops. Learn about the safety net it provides, compensation for losses, and its role in stabilizing farm incomes and ensuring food security.
