Download Agricultural Insurance. Theory and Practice and Application by P. K. Ray PDF

By P. K. Ray

This publication, which offers comprehensively with agricultural coverage, is the second one version of a publication that was once released in 1967. The e-book first bargains with the character of agricultural hazards and their insurability. the second one half describes the rules and practices of the most forms of coverage at present utilized to agriculture in numerous nations. The 3rd and final half is a serious exam of the applicability of the ideas of crop and farm animals assurance to date developed in built international locations to constructing nations, and likewise the chances of foreign reinsurance of nationwide crop assurance platforms.

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Example text

Second, a frequency distribution is drawn in some cases to indicate the probabilities of different magnitude of losses. The latter is of particular importance in those cases where the distribution is highly skewed and therefore the mean fails to indicate the concentration of values if any. ANALYSIS OF HAIL LOSSES AS EXPERIENCED BY INSURANCE OFFICES An analysis of losses of growing crops due to hail, as experienced by insurance offices, would show the possible trend, and therefore its likely future course, for entire countries as well as for areas within a country.

While the owner of a single animal stands a 50:50 chance of loss, a farmer owning a large herd can reduce his loss to one of an ascertainable percentage. A large owner or operator himself can carry his losses up to a point especially when the units of ownership or operation are spread over space. A small owner or operator, on the other hand, is handicapped as in his case there is concentration of risk in time and space. Even though he "paid himself the premium" there is a time element, and he might not have paid "premiums" which with compound interest would equal the value of his property, before he suffered the risk.

Soc, London, 111, Part II, 1948) p. 130. 3 Willet, A. , 1901) p. 91. Different Ways of Meeting Agricultural Risks 19 common law liability to employees, accumulated risks of fire and the risks arising from infectious or contagious diseases to a farmer owning or operating a large herd. When a farmer thus insures himself either through accumulation of funds or by operating on a large scale, it may be called self-insurance or latent insurance. SPECULATION AND INSURANCE The subject of uncertainty may, without bearing the risk either individually or in a group, transfer it to others who specialize in uncertainty-bearing.

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