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Related Flashcards
Related Topics
Cards In This Set
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Property In Transit
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Property being transported from one place to another.
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Transit Loss Exposure
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When an organization has a financial interest in property in transit.
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Shipper (Consignor)
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Seller of Goods
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Consignee
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Buyer of Goods
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Carrier
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An individual or organization in the business of transporting property of others.
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Modes of Transportation
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Motor Vehicles, aircraft, railcars, river barges, oceangoing cargo vessels and even oil and natural gas pipelines.
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Intermodal Transportation
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Transportation of shipment by two or more different modes of transportation.
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Intermodal Cargo Container
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A metal box that ordinarily measures about eight feet high by eight feet wide by various lengths ranging from approximately twenty to fifty feet.
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Title
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Ownership
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Terms of Sale
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Determines who owns the property during the course of transit, usually stated in the purchase order or contract of sale between the seller and the buyer.
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FOB Origin
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Title to the property (and the risk of loss) passes from seller to buyer when the property is accepted by the carrier for transit (aka: Ex-Works & Ex-Factory).
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FOB Destination
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Title passes when the property is delivered to the buyer's premises.
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Freight
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The transportation charge made by the carrier.
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Annual Transit Insurance
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An non-filed class of inland marine business, permitting great flexibility in the coverage provided and the rate charged.
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Bill of Lading
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A document that serves as a receipt for the property being shipped.
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