The CIF incoterm is an abbreviation for cost, insurance, and freight. True or False?

The statement is true because CIF stands for Cost, Insurance, and Freight. This incoterm indicates that the seller is responsible for covering the costs associated with transporting goods, including insurance and freight charges, up to the destination port. Under this term, the seller must also secure marine insurance to protect against potential losses during transit. This term is commonly used in international trade, particularly for shipments by sea or inland waterways, reflecting the seller's obligation to manage and fund the logistics until the goods reach the buyer's designated location. Understanding this incoterm is crucial for recognizing the responsibilities and liabilities of both parties involved in an international transaction.