What does CIF (Cost, Insurance and Freight) mean?

CIF (Cost, Insurance and Freight) is an Incoterm used in international trade. CIF is one of the three Incoterms commonly used in Timor-Leste, and means, “This term is the same as CFR only the seller is responsible for the goods and any insurance up until the goods arrive at the intended destination port. Once the goods arrive the buyer takes on all risks and final associated charges.”