The 1996 Federal Agricultural Improvement Act (FAIR) increased farmer's exposure to downside risk and raised farmer, lender, and congressional interest in the use of alternative instruments to manage income risk. One response has been a proliferation of federally facilitated insurance products. The development of new insurance products is likely to continue because the Agricultural Risk Protection Act of 2000 provides financial incentives for new private sector insurance product development and increases insurance premium subsidies to encourage higher participation and coverage levels. NOTE: This is a revised copy of Staff Paper 2000-48.


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