ASBA Agent Practice Exam

Which term signifies the CIF meaning?

Cost and freight Cost, insurance and freight Cargo insurance funding Containerized freight

Correct Answer:

Cost, insurance and freight

Explanation:

CIF means Cost, Insurance and Freight. This term signals that the seller covers the costs, arranges the freight, and procures the insurance to bring the goods to the destination port. That combination of cost, insurance, and freight is exactly what CIF conveys, which is why this phrase is the correct one. The other options don’t fit because they omit insurance (Cost and Freight is CFR, which excludes insurance) or refer to phrases that aren’t standard terms in this context (cargo insurance funding, containerized freight). CIF is specifically about the seller handling cost, insurance, and freight for maritime shipments.

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