Federal Crop Insurance Corporation (FCIC)
Federal Crop Insurance Corporation (FCIC) :
The FCIC "currently insures crops for losses from multiple perils" (GAO, Natural Disasters: Public Policy Options, Nov. 2007, 5) "A 1937 study by the Executive Committee on Crop Insurance, which noted that commercial attempts to insure against crop losses had been unsuccessful, provided the impetus for creating FCIC in 1938. Initially, the program was experimental and suffered heavy losses. The Federal Crop Insurance Act of 1980 expanded the program to replace free disaster coverage (in the form of compensation to farmers who were unable to plant crops and who suffer yield losses) with insurance". (GAO, Natural Disasters: Public Policy Options, Nov. 2007, 18)
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