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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 ?
Caption(s): The Fourth Annual FCIF Golf Tournament is scheduled for Sept.
FCIF was created more than 20 years ago to focus industry attention on the health, human service and welfare needs of floor covering industry members in times of life-altering medical hardships.
Other lunar features include a PC with an Intel-based 133 MHz Pentium processor (16MB to 32MB of memory), nine computer slots (5 ISA and 4 PCI), FCIF video (352 x 288) supporting the H.