pay claims and was not financially viable. In 1980, Congress passed legislation to increase participation in the Federal Crop Insurance Program and make it more affordable and accessible. This modern era of crop insurance was marked by the introduction of a public-private partnership between the U.S. government and private insurance companies. The Federal Crop Insurance Reform Act of 1994 dramatically restructured the program. And in 1996, the Risk Management Agency (RMA) was created in the U.S. Department of Agriculture to administer the Federal Crop Insurance Program. Through subsidies built into the new program guidelines, participation increased dramatically. By 1998, more than 180 million acres of farmland were insured under the program, representing a three-fold increase over 1988. In 2019, farmers purchased 1.1 million crop insurance policies, protecting almost 380 million acres of farmland, with new liabilities in excess of $110 billion. These policies covered roughly 90 percent of eligible acres. Record indemnities were paid out to farmers and ranchers in 2012, totaling more than $17 billion. Today, the Federal Crop Insurance Program is the primary risk management program available to U.S. agricultural producers and a vital component of the farm safety net, addressing both the risks associated with price volatility and with unexpected disasters. Crop insurance is a risk-based program that currently covers more than 100 crops and does not make annual subsidy payments to farmers. When crop insurance does supply monetary payments to farmers, the payments come in the form of indemnity checks that restore a portion of an actual loss. Many farmers pay crop insurance premium costs for a number of years without receiving indemnity payments because they have not experienced an actual loss. Crop-yield insurance: There are two main classes of crop-yield insurance: Crop-hail insurance is generally available from private insurers (in countries with private sectors) because hail is a narrow peril that occurs in a limited place and its accumulated losses tend not to overwhelm the capital reserves of private insurers. In early 1820s, crop-hail insurance were available to farmers in France and Germany. That is among the earliest forms of hail insurance from an actuarial perspective. It is possible to implement the hail risk into financial instruments since the risk is isolated. Multi-peril crop insurance (MPCI): Coverage in this type of insurance is not limited to just one risk. Usually multi-peril crop insurance offers hail, excessive rain and drought in a combined package. Sometimes, additional