Entity Corrections & Changes

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ENTITY CHANGES:

If there will be an entity type or name change it is important for you to notify your agent ASAP.  If the policy does not match with FSA, it may cause delays in processing claims.

Entity types are individual, spousal, partnership, trusts of all kinds, and corporations.

Please see specifics below.


If death within the policy (entity or SBI) occurs in the current crop year, the following circumstances will affect how to proceed:

1. If death occurs more than 30 days before the sales closing date:
a. The policy will automatically be canceled.
b. A new application must be submitted.
2. If death occurs less than 30 days before the sales closing date:
a. The policy will remain in effect through the current crop year.
b. The policy will be automatically cancelled for the following crop year.
c. Indemnity and premium will be paid to and by such persons who are entitled.
3. If notice was not provided timely:
a. Cancellation will retroactively apply to date that notice should have been provided.
b. Any payments made after the retroactive cancellation date must be returned.

Please notify your agent in the case of the following policy changes:

– Name Change   
• John Smith → John Smith Revocable Living Trust
• John Smith → Smith Family Farms
– Entity Change
• Individual → Spousal
• Spousal → Trust
• Individual → LLC
– Change of Identification Number
• SSN → EIN
Necessary and Timely FSA Documentation Required:
• Name Change  
• Entity Change
• Share Changes*
• Planted Acres*
• Conservation Compliance Documentation**
*Reports must reflect date of July 15th or earlier of the current crop year.
**Reports must reflect date of June 1st or earlier of the prior crop year to be compliant for the current crop year.