Terms to Know

 

• Sales Closing/Cancellation - The last day to apply for insurance coverage for the current crop year.

• Earliest Plant Date - The earliest date you may begin planting to qualify for replant coverage. If you plant earlier you will not be eligible for replant coverage.

• Final Plant Date - The last day to complete planting to receive your maximum insurance benefit.  There is a 25 day late planting period.  Options are available.  Please contact us for details.

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• Late Plant Option Policy (LPO Policy) - A LPO Policy provides up to a maximum protection equal to 10 days' MPCI production guarantee and liability on acreage of corn or soybeans that is planted after the final planting date ("late") as defined in section 1 of the LPO Policy.

• Acreage Reporting Date - The date by which you are required to report planted acers.

• Production Reporting Date - The last day production reports will be accepted for inclusion in the database used to calculate approved APH yields in the current crop year.

• End of Insurance Period - The last date of insurance coverage.

• Payment Due Date - The last date to pay premiums before interest begins to accrue.

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• Date to file notice of crop damage - for a planted crop, notice must be provided within 72 hours of discovery of damage or loss of production (but not later than 15 days after the end of the insurance period). If there is no damage or loss of production and a revenue plan of insurance is in effect, notice must be given no later than 45 days after the latest date the harvest price is released. For crops that are prevented from being planted, notice must be provided within 72 hours after the final planting date or the time the producer determines it will not be possible to plant during any applicable late planting period.

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• Debt termination date - date insurance company will terminate policy for nonpayment if not made by sales closing date for the following year.