Question 3 (2 points) When the insurance company cancels the policy (other than insured request) all of the following are true EXCEPT Any premium refunded will be sent to the First Named Insured The calculation of retum premium will be done on a short-rate basis The insurance company must provide a written notice to the insured notify them about the cancellation Company cancellations most often occur effective the renewal date of the policy (with proper advance notice to the insured) All of the following are true regarding the risks faced by farms EXCEPT 3: Production risk involves the uncertain natural growth of crops or livestock Financial risk encompasses the way a farms capital is obtained and financed The uncertainty regarding the price a farmer will receive for his crops or the price of the seeds and fertilizer is called commodity risk Changes is governmental regulations is a type of institutional risk