South Dakota Crop Insurance Practice Exam

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Prepare for the South Dakota Crop Insurance Exam. Study smart with flashcards and multiple choice questions; all questions feature hints and detailed explanations. Ace your exam effortlessly!

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Published crop hail rates are given on a per what basis?

Per $1,000
Per $100
Per $10,000
Per $500

The correct answer is: Per $100

Published crop hail rates are typically expressed on a per $100 basis. This method of presentation is standard in the crop insurance industry, allowing farmers and insurers to easily understand the cost of coverage relative to the value of the crops being insured. By stating rates in this manner, it simplifies the calculation of premiums, as the insured value is often expressed in hundreds or thousands of dollars. When the rates are per $100, it enables clear and straightforward computations for both producers and insurers, ensuring transparency and ease of understanding when determining how much insurance coverage a farmer might need.