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Federal Crop Insurance Act

The law that established and governs the federal crop insurance program in the United States, which helps farmers manage risks.

Federal Crop Insurance Corporation (FCIC)

A government agency within the U.S. Department of Agriculture that manages the federal crop insurance program.

Index-based policy

An insurance policy where payouts are triggered by an objective, measurable event (like rainfall amount or temperature) in a specific area, rather than by direct assessment of individual farm damage.

Production loss

A reduction in the quantity of crops harvested by a farmer due to an insured event, such as weather damage.

Revenue loss

A reduction in the income a farmer expects to earn from their crops, often due to a combination of reduced yield and lower market prices, or solely due to reduced yield from an insured event.

Short title

A common, abbreviated name given to a law for easy reference, like 'TEMP Act'.