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

By P. K. Ray

This ebook, which bargains comprehensively with agricultural assurance, is the second one version of a booklet that was once released in 1967. The booklet first offers with the character of agricultural dangers and their insurability. the second one half describes the rules and practices of the most varieties of coverage presently utilized to agriculture in numerous international locations. The 3rd and final half is a serious exam of the applicability of the thoughts of crop and cattle assurance to this point developed in constructed international locations to constructing nations, and in addition the chances of overseas reinsurance of nationwide crop assurance structures.

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Additional resources for Agricultural Insurance. Theory and Practice and Application to Developing Countries

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Young, F. , Insurance, 3rd ed. (Pitman, 1920), pp. 24-25. 2 20 21 Insurability of Agricultural Risks 0 50 Probability 100 Fig. 4. Probability-uncertainty curve. e. the probability-uncertainty is half; although, considering the risks in the aggregate, insurance is best suited to situations where the probability of loss is very small while the amount at risk is large. Thus, the second important point in insurance is that the uncertainty is to a large extent eliminated through combination of a large number of similar risks (that is, similarly exposed individuals).

14. Frequency distribution curve showing the annual loss experience of farmers' mutual windstorm insurance companies in the United States, 1886-1950. 40 Agricultural Insurance majority of curves shown in this chapter, namely, while a few high values tend to elongate therighthand tail there is a large concentration towards the lower values. In 20 out of 30 years considered, the loss-cost is under 6 per cent of the insured sum. In view of the possibility of catastrophic losses from windstorm or tornado, the spatio-temporal spread of risks is of even greater importance in their insurance than in insurance against hailstorms.

The latter is obviously a better guide because, unlike the former, it is not affected by changes in premium rates. Therefore, for the purpose of present analysis the annual loss-cost data will be used wherever it is available; loss-ratio data will be used only in cases where the relevant loss-cost data are not available. 1. Hail-loss experience in France Figure 8 represents the hail-loss experience as per cent of premiums of the Share Companies and the large Mutual Insurance Societies of France for 46 years, from 1888 to 1933 both inclusive.

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