Use to be called Federal Crop Insurance, now Multi Peril Crop Insurance (MPCI)
It was originally legislated in 1935 because of the thinking that catastrophic crop losses were, you guessed it, "too big" for private industry to tackle.
It kinda drifted along with 5 or 6% participation until the Crop Insurance act of 1980.
Guess what, they "reformed" it. But it really started out pretty straight forward and simple. One of the key aspects was that it was supposed to be actuarially sound, ie. the premium paid by the farmer, plus the government subsidy was supposed to pay for the losses. I understood every part of it, could recite the policy word for word, etc.
So over the years it has been "reformed" about a dozen times, actuarial soundness went out the window in about 1995 or so, then came in all sorts of crop policies with bells and whistles, new coverages, prevented planting, replant, etc.
But then some folks were dishonest, other folks got jealous that someone might legitimately collect from two failed crops in the same crop year.
Enter Fraud, Waste and Abuse rules and millions upon millions in computers, programs and people to catch a few scumbags. But wait, some crop agents might have written a policy on their second cousin, enter Conflict of Interest rules And on and on and on.
It is now the most complicated, technical, convoluted program. I don't think there are 25 people in the entire US that honestly understand every aspect of the program. And like the Energizer bunny it just keeps going.
Crop insurance just affects a small percentage of the US population. You dont want to see how bad they mess up something as big as health care!
Oh, and everyone keeps badmouthing ins. companies because of pre-existing conditions. Like them or not, they are a business and need to make money. Profit is not a bad word. And I feel terrible for folks that have those problems, but try buying insurance on your barn once it is already on fire.
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