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What is the difference between a letter of credit and time draft? Say why insurance is one of the trade finance instruments?

What is the difference between a letter of credit and time draft? Say why insurance is one of the trade finance instruments?

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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 What is the difference between a letter of credit and time draft? Say why insurance is one of the trade finance instruments?

2.You are a manger of a cultural company in Quebec and you want to export your services to a foreign country. However, your company don’t have the necessary financial resources and there is no possibility and chance to obtain loans from conventional banks. Under these conditions, to make your project a reality, what would be your main source of funding? Explain your answers

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