Question: An exporter in a developing country sells under CIF terms to an importer in a developed country. The exporter provides the minimum required insurance coverage.

"An exporter in a developing country sells under CIF terms to an importer in a developed country. The exporter provides the minimum required insurance coverage. If there is a loss, the importer would have to file a claim with an insurer in the developing country." - Explain in detail your understanding of the entire process.

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