A federally subsidized insurance program administered by the USDA Risk Management Agency that protects farmers against yield loss, revenue loss, or the inability to plant. The two main types are yield protection (pays when actual yield falls below the guaranteed level) and revenue protection (also covers price declines). Premiums are subsidized by USDA, typically covering 60–70% of actuarially fair cost. Policies must be purchased before the sales closing date — usually February 28 for spring crops.
C