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What are the benefits of crop orchards animal and poultry insurance to farmers?

What are the benefits of crop orchards animal and poultry insurance to farmers?

By insuring the crops and the orchards, the farmers are covered against uncertainties that affect their produce, on which they depend for their livelihood. Poultry and domestic animals like cows and buffaloes too provide with produce like eggs, meat and milk to the farmers, which too take care of their livelihood.

What are the benefits of poultry insurance to farmers?

In the event of death of poultry, the farmer suffers loss of income and disruption in the rearing program. If the loss exceeds a specified limit, then poultry insurance compensates the farmers so that the farmer can control the loss completely.

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What is the benefit of Orchard insurance to the farmers?

The advantages of crop insurance are, (i) Stability in Income: It protects the farmers against losses caused by crop failure. It acts like a tool that allows farmers to manage their yield and price risks. This helps farmers to understand latest technological advancement and improve their crop production.

What are the benefits of farm insurance?

Like home insurance, your farm insurance provides liability protection for bodily injury, property damage, and medical expenses. In addition, the coverage pays legal fees if you are sued for any farm-related injuries or damage.

What is the importance of agricultural policies and programs in the Philippines?

The Philippines’ key agricultural policy objectives focus on food security and poverty alleviation through guaranteeing a stable supply of staple food (rice) at affordable prices.

What are the importance of insurance to business?

Businesses need business insurance because it helps cover the costs associated with property damage and liability claims. Without business insurance, business owners may have to pay out-of-pocket for costly damages and legal claims against their company.

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What are the common terms used in insurance?

Life Insurance Terms You Should Know

  • Policyholder: The policyholder is the one who proposes the purchase of the life insurance policy and pays the premium (see #7 Premium).
  • Life assured:
  • Sum assured (coverage):
  • Nominee:
  • Policy tenure:
  • Maturity age:
  • Premium:
  • Premium payment term/mode/ frequency:

What is weather based crop insurance scheme?

Weather Based Crop Insurance Scheme (WBCIS) aims to mitigate the hardship of the insured farmers against the likelihood of financial loss on account of anticipated crop loss resulting from adverse weather conditions relating to rainfall, temperature, wind, humidity etc.

What is the important of insurance?

Buying insurance is important as it ensures that you are financially secure to face any type of problem in life, and this is why insurance is a very important part of financial planning. A general insurance company offers insurance policies to secure health, travel, motor vehicle, and home.

What is crop insurance system?

Crop. insurance is a risk management mechanism designed to even out agricultural risks and. blunt the consequences of natural disasters to make losses, especially to the marginalized. farmers, more bearable. [

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What is meant by agriculture insurance?

Crop insurance is purchased by agricultural producers, and subsidized by the federal government, to protect against either the loss of their crops due to natural disasters, such as hail, drought, and floods, or the loss of revenue due to declines in the prices of agricultural commodities.

What is the importance of agriculture in the Philippines?

The sector is important for inclusive growth, with agriculture being the key driver of the economy in the rural areas where most Filipinos live (but where poverty incidence remains high). 2 Agriculture remains a major source of employment, with about 36\% of the total employed population working in the sector.