Posted by GeneMO on November 21, 2014 at 19:26:06 from (71.51.203.52):
In Reply to: Farm economy posted by WellWorn on November 21, 2014 at 10:40:01:
Quoting Removed, click Modern View to see
With all due respect, you are wrong about the insurance companies. The SRA (Standard Reinsurance Agreement) that the ins. companies have with the Feds (RMA-USDA) can allow them to make money even in bad loss years. IF, they have done their fund placements right.
The rules of normal insurance do not apply to MPCI. It resembles "real" insurance in name only.
The companies you refer to do not set the premiums, they do not make any of the loss adjusting rules, they do not make any of the underwriting rules, and they do not make any policy language or anything. The USDA does all that. Then the USDA offers the crop ins. companies a "take it or leave it" SRA. The companies do have some input through NCIS, their trade group, but not a huge amount.
If there is anything at all you do not like about crop insurance, do not blame it on insurance companies. Oh, and in most all instances, what you think are insurance companies are not. Rain and Hail, NAU, RCIS, etc. They are all "Managing General Agents" Not real insurance companies. They have to get a Front company to back their required reinsurance, companies like Wells Fargo, etc.
The Farm Bureau groups are for the most part the only ones that actually own their own Reinsurance company. May be one or two more, not sure.
There are only 12-14 MGA's that have SRA's with the govt.
I heard that the John Deere folks were bailing out of crop ins. they had lost money the last 5 years. They needed to stick to making tractors.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
... [Read Article]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
