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WEEK: 1
SUBJECT: AGRICULTURAL SCIENCE
SS 3: FIRST TERM
TOPIC: AGRICULTURAL INSURANCE
CONTENT:
DEFINITION
Agricultural insurance: Generally, insurance is a form of risk management used to absorb the shock of unexpected loss. Agricultural producers have series of risks affecting the income and welfare of their households. These are mainly production risks in relation to weather conditions, pest and diseases and market conditions. Agricultural Insurance can be defined as the agreement where one party (insurer) promises to pay another party (insured) of a sum of money in the event of suffering a specified agricultural loss or damage.
Importance Of Agricultural Insurance
Types of insurance policies
Crop insurance: this is the most develop form of agricultural insurance. There are four types, namely:
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