Arkansas Insurance Adjuster Practice Exam

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Which statement about Crop-Hail insurance is FALSE?

  1. It covers damage due to hail, but also fire, lightning, wind, and others

  2. It is generally available from private insurers

  3. It is rated on an acreage basis

  4. It is subsidized by the FCIC

The correct answer is: It is subsidized by the FCIC

Crop-Hail insurance is actually not subsidized by the FCIC. While it does cover damage due to hail (and other perils such as fire, lightning, wind, etc.), is available from private insurers, and is typically rated on an acreage basis, it is not subsidized by the FCIC. This means that premiums for Crop-Hail insurance are solely based on the coverage provided, without any additional support from the FCIC (Federal Crop Insurance Corporation) as is the case with other types of crop insurance. Therefore, choice D is the false statement in this scenario.

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