Revenue Loss Assistance and Crop Insurance Enhancement Act of 2012

Revenue Loss Assistance and Crop Insurance Enhancement Act of 2012 - Amends the Food, Conservation, and Energy Act of 2008 to direct the Secretary of Agriculture (USDA) to establish a revenue loss assistance program (program) beginning with crop year 2013 in lieu of the supplemental revenue assistance payments (SURE) and the average crop revenue election programs (ACRE). (Extends the SURE program for crop year 2012.)

Provides producers with program assistance for losses between 12% and 25 % of their historic revenue.

Provides counter-cyclical payments for each covered commodity through crop year 2017 on farms for which payment yields and base acres are established if the effective price for the covered commodity is less than its target price.

Sets forth 2013-2017 target prices, payment rates, and payment amounts for covered commodities.

Provides a special payment calculation rule for long grain and medium grain rice, and a specified four-year alternative election.

Sets forth 2013-2017 commodity marketing assistance loan rates.

Extends specified agricultural and livestock assistance programs.

Repeals the direct payment and ACRE programs.

Limits the total revenue loss assistance payments and countercyclical payments that a person or entity may receive in a crop year.

Reduces the catastrophic risk protection coverage premium.

Authorizes agricultural producers to purchase supplemental crop insurance coverage based on: (1) an individual yield and loss basis, or an area yield and loss basis; or (2) an individual yield and loss basis, supplemented with coverage based on an area yield and loss basis to cover a part of the deductible under the individual yield and loss policy.