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South Central Illinois | You are correct. My statement was in error. I overstated the rule that once a policy is in force the liability does not get increased. The Harvest price option is an exception to that rule. I was thinking of cases where the acreage is incorrectly reported (to few acres reported), and even that is possible to be changed if the crop is still standing and can be appraised.
I do not lie to the insureds that I work for. Sometimes it just takes a different way to explain the way it works. Most insureds refer to bushels per acre, not guarantee per acre. In the event that the harvest price is higher than the spring price, using the APH x the level of coverage is a very quick way of determining if there is indeed a claim. When faced with several hundred claims to work in a season that is very helpful. The end result is the same, figure it either way you wish. I work for some very "with it" people, but not all of them can quote policy language. I do have some that can. | |
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Crop Insurance Question - Is this simple math right?
