Earned Premium [Federal Crop Insurance Corporation] Law and Legal Definition

According to 7 CFR 400.302 [Title 7—Agriculture; Subtitle B -- Regulations of the Department of Agriculture; Chapter IV -- Federal Crop Insurance Corporation, Department of Agriculture; Part 400 -- General Administrative Regulations; Subpart O -- Non-Standard Underwriting Classification System Regulations for the 1991 and Succeeding Crop Years], earned premium means “premium earned (both the amount subsidized and the amount paid by the producer, but excluding any amount of the subsidy attributed to the operating and administrative expenses of the insurance provider) for a crop under a policy insured or reinsured by the Corporation. Earned premium rate means “premium earned divided by liability and expressed as a percentage.”