An Exporter in a Developing Country Sells Under CIF Terms

question 62

Multiple Choice

An exporter in a developing country sells under CIF terms to an importer in a developed country.The exporter provides the minimum required insurance coverage.If there is a loss,the importer would

• A) have to file a claim with an insurer in the developing country.
• B) be subject to foreign exchange devaluation due to the length of time of claim processing.
• C) be required under the CIF terms to pay the invoice despite the delay in receiving the claim.
• D) All of the above
• E) None of the above

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Definitions:

Shed

A simple roofed structure used for storage, hobbies, or as a workshop.

Liability

The state of being legally responsible for something, especially in terms of debts or legal wrongs.

Disclaimer of Liability

A statement intended to specify or delimit the scope of rights and obligations that may be exercised and enforced by parties in a legally recognized relationship.

Damage to Car

Physical harm or impairment to a vehicle, affecting its value or functionality.