7 CFR § 407.3 - Premium rates, amounts of protection, and coverage levels.
---
identifier: "/us/cfr/t7/s407.3"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "7 CFR § 407.3 - Premium rates, amounts of protection, and coverage levels."
title_number: 7
title_name: "Agriculture"
section_number: "407.3"
section_name: "Premium rates, amounts of protection, and coverage levels."
chapter_name: "FEDERAL CROP INSURANCE CORPORATION, DEPARTMENT OF AGRICULTURE"
part_number: "407"
part_name: "AREA RISK PROTECTION INSURANCE REGULATIONS"
positive_law: false
currency: "2026-03-24"
last_updated: "2026-03-24"
format_version: "1.1.0"
generator: "[email protected]"
authority: "7 U.S.C. 1506(l) and 1506(o)."
regulatory_source: "78 FR 38507, June 26, 2013, unless otherwise noted."
cfr_part: "407"
---
# 407.3 Premium rates, amounts of protection, and coverage levels.
(a) The Manager of FCIC shall establish premium rates, amounts of protection, and coverage levels for the insured crop that will be included in the actuarial documents on file in the agent's office. Premium rates, amounts of protection, and coverage levels may be changed from year to year in accordance with the terms of the policy.
(b) FCIC or the insurance provider may reject, no longer accept applications, or cancel existing insurance contracts upon FCIC's determination that the insurance risk is excessive. Such determination must be made not later than 15 days before the cancellation date for the crop and may be made on an area, county, State, or crop basis.
[78 FR 38507, June 26, 2013, as amended at 90 FR 54531, Nov. 28, 2025]