Crop Insurance Terms


Actual Production History (APH)
A minimum of four years yield history building to a 10-year maximum.

Base Price
Average daily price set before planting of the appropriate futures contract.
Corn - February average daily settlement price of December CBOT futures.
Soybeans - February average daily settlement price of November CBOT futures.

Harvest Price
Average daily price set at harvest of the appropriate futures contract.
Corn - November average daily settlement price of December CBOT futures.
Soybeans - October average daily settlement price of November CBOT futures.

Calculated Revenue (CR)
Established at harvest and compared to the final guarantee to determine whether or not a loss payment is made.

The calculated revenue is determined by multiplying total production to count (actual yield) x harvest price.

Final Guarantee
The highest of the minimum guarantee or harvest guarantee.

Harvest Guarantees
Your Actual Production History (APH) x
Coverage Level selected x Harvest Price

Base Guarantee
Your Actual Production History (APH) x
Coverage Level selected x Base Price

Unit
Subdivided sections of a producer's acreage;
for example, York Twp Sec 12/Sec 13.

Sales closing date
Last day to apply for coverage

Final planting date
Last day to plant unless insured for late planting

Acreage reporting date
Last day to report the acreage planted.
If not reported, insurance will not be in effect.

Date to file notice of crop damage

End of insurance period
Latest date of insurance coverage

Payment due date
Last day to pay the premium without being charged interest.

Cancellation date
Last day to request cancellation of policy for the next year.

Production reporting date
Last day to report production for Actual Production History (APH).

Debt termination date
Date insurance company will terminate policy for nonpayment.

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