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Cost, Insurance and Freight

A CPT involving ocean freight. In a CIF, the seller is responsible for paying for shipping and providing a minimum amount of insurance coverage up to the named port of destination, while the buyer is responsible for the transportation risk beyond the minimum coverage as soon as the good or product is loaded onto the ship. Legally, risk transfers when the good or product crosses the outer rail of the ship. A CIF is similar to a CFR, but also requires the seller to provide minimal insurance. See also: Incoterm.

Customer Information File

A file a bank keeps on each of its account holders and other clients. It contains information on account balances, outstanding loans, assets and so forth. It is updated frequently to ensure correct information.


References in periodicals archive ?
Under the Department of Labor (DOL)'s participant-level disclosure rules, a CIF held in a participant-directed individual account plan would be treated as a "designated investment alternative" subject to disclosure.
CIFS offers a number of technical and process-related advantages to monitor and protect these critical devices.
Niger: Through its submitted NDC, committed to a target of unconditional reduction by 2030 of 3.50% GHG emissions and an additional 34.60% conditional on financial support; has an IP under the CIF PPCR program with approved projects in climate information and water resource management; CIF-related sectors under its NDC include land use, land use change, and forestry.
Uganda: Through its submitted NDC, committed to a target of 77.3 MtCO2e per year by 2030; has an IP under the CIF SREP program with projects to be developed in solar and geothermal energy; CIF-related sectors under its NDC include energy and infrastructure.
Every CIF in which an ERISA plan invests is subject to ERISA regulation.
The CIF trustee and any trust company personnel who perform fiduciary functions on behalf of the trustees are considered ERISA fiduciaries.
CIF transactions with ERISA fiduciaries are subject to ERISA's prohibited transaction rules.
"CIFS has been established for well over a decade and is a highly regarded franchise that fits our group model of underwriting profitable specialty classes," said Colin Thompson, CEO of Nexus Group.
In a recent 1-month period, the six-man team at the KMTB CIF issued over 25,000 uniforms, 12,586 pairs of boots and 4,997 sets of body armor.
As the Iraqis take control of their own logistics, the plan is for each Iraqi Army division to have its own CIF. They'll be Iraqi run, with Iraqi purchased equipment."
In fact, they are darned sure and tootin' they turned it in a long time ago in a CIF far, far away.
When turning in OCIE, you should receive documentation from the CIF. You will need to sign and date both copies of the manual and/or automated DA Form 3645/3535-1, Organizational Clothing and Individual Equipment Record.