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C, If your insurance policy states that the rate i£ affected by a 

 "co-insurance claus e" ('.i.sually 80^j) ask your agent to compare your 

 coverage with the injure. ble value of the property. 



2, Check the "risks" covered by the policj' to be sure that the insurance 

 policy insures the risks you v;ant covered. 



3. If your policy calls for filing a "schedule" or inventory of property on 

 hand to be insured, (used on some policies on poultry and other livestock) 

 at stated in"oervals, be sure that this is done» 



U, liost policies state that "the company shall not be liable" for loss in 

 excess of the amount of the policy and shall be liable for loss only in 

 proportion to the total insurance carried that the policy bears to tiie 

 total insurance coverage in force. Policies also generally state that 

 coverage shall not exceed the "actual cash value" at the time of the loss. 

 As stated above this is usually interpreted to be "depreciated replace- 

 ment value," 



5. Be sure the policy as written describes the property insured correctly and 

 also lists the ovmers (holders of title) and any mortgagees or lien holders, 



6, Be sure your policy is signed by a representative of the company, 



7, Don't hesitate to ask your agent to explain your policy to you. It is his 

 job to be sure the policy you buy is the policy you ivant. 



8. Take an annual inventory of property and keep it in a safe place, 



lilhat Insurance to Carry 



VJhether you carry insurance against insurable risks depends on the answers 

 you have to three questions. They are: 



1, I'lfhat is the risk I am taking or Tvhat are the chances of a loss? 



2, V/hat will it cost to insure against a loss? 



3, How would a loss affect me, my family, and my farming business, if I had 

 a loss? 



V.Taile the words of the song go "There's no one with endurance like the man 

 who sells insurance" it should be remembered that your insurance agent can be a 

 real help to you in setting up your insurance protection program. It's good 

 farm management to consider insurance when needed. 



Not all insurance companies vfrite insurance on all type of risks . Some risks 

 are not insured by any company. Recent trends in insurance have been in the direct- 

 ion of broader coverage (covering more risks) and tov/ards combining more coverage in 

 the same policy, frequently with little increase in rates and in some cases at lovrer 

 rates, 



L. D. Rhoades 



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