• 2022-06-10
    On the basis of FOB or CFR, insurance is to be covered by the seller. On basis of CIF, insurance is the buyer’s work. ( )
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      The term CIF under Incoterms 2020 requires the seller to procure insurance for the buyer, but only minimum coverage.

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      ‍Insurance is to be_________ by the seller if a transaction is concluded on CIF basis.‍ A: done B: covered C: made D: taken

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      Unde CIF terms , The seller pays the costs and freight and insurance of the goods to the named port of destination. This is where costs transfer from seller to buyer .

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      The insurance policy is a formal contract-document issued by an insurance company to an ____. A: The buyer B: The seller C: The insured D: The policyholder

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      Buyer’s request for insurance to be covered up to the Island city can be accepted on condition that such extra premium is for ______account.