In 1999, Illinois crop farmers have seven products providing multiple peril protection for corn and soybeans.In addition, private insurers offer endorsements that add to the coverage of some of these products.Three of the products are yield insurance and four of the products are revenue insurance. Yield insurance makes payments when yield falls below a yield guarantee.These products are:

1. Catastrophic (CAT) pays when yield falls below 50 percent of a crop's Actual Production History (APH) yield. CAT is a minimum-level, catastrophic insurance product.

2. Group Risk Plan (GRP) pays when county yield falls below a county yield guarantee.The yield guarantee equals the expected county yield times a farmer-chosen yield election.

3. Actual Production History (APH) pays when actual yield falls below a yield guarantee.The yield guarantee equals a farm's APH yield times a farmer-chosen yield election.

Revenue insurance pays when revenue falls below a guarantee.Alternatives are:

1. Group Risk Income Protection (GRIP) pays when county revenue falls below a county revenue guarantee.The revenue guarantee equals expected county revenue times a farmer-chosen coverage level.

2. Income Protection (IP) pays when gross revenue falls below a revenue guarantee.The revenue guarantee equals the farm's APH yield times a base price times a farmer-chosen coverage level.For corn and soybeans, base prices are set using settlement prices of Chicago Board of Trade (CBOT) futures contracts during the month of February.

3. Crop Revenue Coverage (CRC) pays when gross revenue falls below a revenue guarantee.The revenue guarantee equals the farm's APH yield times the higher of the base or harvest price times the coverage level.The base price is the same price as used by IP insurance and is known in spring prior to when insurance has to be purchased (March 15th).The harvest price is determined in the fall.If the harvest price is greater than the base price, the revenue guarantee increases.

4. Revenue Assurance (RA) pays when gross revenue falls below a revenue guarantee. RA has two options.A base price option does not allow guarantee increases, causing RA to insure like IP.RA and IP, however, will differ in the units that can be insured.RA's second option, called harvest price option, allows the revenue guarantee to increase if the harvest price is greater than the base price.The harvest option causes RA to insure like CRC.RA and CRC differ in the units that they can insure and the maximum increase in the revenue guarantee (RA does not have a maximum while CRC does).