III. Case Study (Please write your answers as briefly as you can. Case 3 One Chinese import and export company would sell Canned Mushrooms to a British businessman and Japanese businessman respectively on the basis of CIF and CFR. The insured in question conducted the insurance. The two lots suffered losses during the transit from the warehouse to the shipping port. Q: (1) Who will take out the insurance for the goods in these two transactions? (4 marks) (2) Who will be responsible for the perils and losses? (2 marks) (3) Will the insurance company pay for the loss? Why? (4 marks)