MARKING SCHEME FOR SS3 AGRICULTURAL SCIENCE FIRST TERM FIRST CONTINUOUS ASSESSMENT TEST
SECTION A: OBJECTIVE TEST
SECTION B: ESSAY
1 (a) Agricultural Insurance can be defined as an agreement where one party (insurer) promises to pay another party (insured) a sum of money in the event of suffering a specified agricultural loss or damage. (2 mks)
(b) Types of insurance policies
- Crop insurance.
- Weather index.
- Livestock insurance.
- Bloodstock insurance.
- Aquaculture insurance.
- Forestry insurance.
- Greenhouse insurance.
- Agricultural re-insurance. (Any three @ 1mk each=3mks)
EXPLANATION.
- Crop insurance: This is the most developed form of agricultural insurance. There are four types, namely: named peril crop insurance, multiple peril crop insurance, crop revenue insurance, and area yield index insurance.
- Weather index insurance: These products are designed around an index that is highly correlated with loss experiences. The most common index in agriculture is rainfall, if rainfall is less than the index at the specified measurement point over the specified period the insurer will pay out under the contract irrespective of the actual losses of the policyholder.
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