Posted by GeneMO on September 30, 2013 at 19:16:11 from (71.1.99.55):
In Reply to: Subsidies posted by John in La on September 30, 2013 at 17:58:19:
I worked in the crop ins. industry for 30 years. Back in 1986, when the APH program was announced, all we heard was that the program was to be "actuarially sound" . Well, they tried for a year or two. Then they started tweeking the rules, messing with coverages, dates, exclusions and everything. They messed it up so bad that there was no way it would be sound.
Now if the govt. were to get out of it, and turn it over to private companies, they could sell the product for 1/2 the current rate and probably make a big dent in making it pay its own way.
Very few of the people in charge were real insurance people, who really knew how insurance was supposed to work. Multi-peril Crop Insurance is "insurance" in name only. The feds messed with it so much that it is not insurance.
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