In the CIF transaction, the seller is required to obtain insurance only on minimum cover.
举一反三
- which ones the following statements of CIF are 'ture' ? A: Under CIF, the Seller is required to obtain insurance only on minimum over. B: CIF stands for cost, Insurance and Freight (… named port of destination) C: The seller must present a bill of lading or other maritime document to the buyer. D: CIF rule is to be used irrepective of the mode of transport selected.
- The term CIF under Incoterms 2020 requires the seller to procure insurance for the buyer, but only minimum coverage.
- Insurance is to be_________ by the seller if a transaction is concluded on CIF basis.
- In a transaction with CIF price, what are the expenses the seller should cover? A: Overhead Expense & Lump sum charge B: Ocean Freight C: Insurance Premium D: Banking Charge
- Unless otherwise stipulated in the credit, the minimum amount for which the insurance document must indicate the insurance cover to have been effected is the CIF value of the goods plus 20%, but only when the CIF value can be determined from the documents on their face. （ ）