South Dakota Crop Insurance Study guides, Class notes & Summaries

South Dakota Crop Insurance Exam with Certified Solutions Insurable Interest occurs when a person stands to lose life or property. In property and casualty insurance an insurable interest must exist at the time of loss. In crop insurance, the owner of the crop has the insurable interest. Risk uncertainty or chance of loss. Can be speculative (an opportunity for gain that may result in a loss) or pure (involves only the possibility of loss or no loss) Exposure potential for loss th...

Insurable Interest occurs when a person stands to lose life or property. In property and casualty insurance an insurable interest must exist at the time of loss. In crop insurance, the owner of the crop has the insurable interest. Risk uncertainty or chance of loss. Can be speculative (an opportunity for gain that may result in a loss) or pure (involves only the possibility of loss or no loss) Exposure potential for loss that might occur from some activity. Calculated by multiplying th...

12 hours of training, competency test every 36 months, current state licenseNew agents are required to have the following to write MPCI: ARPI policyAn insurance policy that insures against widespread loss of production in a county and is not based on individual production when figuring the loss is a: TrueThe Commodity Exchange Price Provisions (CEPP) document specifies how and when the Projected and Harvest price components will be determined. TrueA farmer insuring corn and soybeans in ...

Insurable Interest - correct answer occurs when a person stands to lose life or property. In property and casualty insurance an insurable interest must exist at the time of loss. In crop insurance, the owner of the crop has the insurable interest. Risk - correct answer uncertainty or chance of loss. Can be speculative (an opportunity for gain that may result in a loss) or pure (involves only the possibility of loss or no loss) Exposure - correct answer potential for loss that might occur f...