Final answer:
The terms of sale and bills of lading are indeed instrumental in determining which party has an insurable interest in a shipment, with the party bearing the risk of loss typically holding the interest.
Step-by-step explanation:
The statement that the terms of sale and bills of lading can be used to identify the parties having an insurable interest in a shipment is True. Terms of sale indicate the point at which the seller has fulfilled their delivery obligations and risks and rewards are transferred to the buyer, which directly impacts who has an insurable interest in the goods being shipped. A bill of lading serves as evidence of the contract of carriage, receipt of goods, and may be used to transfer title to the goods; therefore, it also helps in identifying which party has the insurable interest at various points within the shipping process. Typically, the party that has the risk of loss at a given time also has the insurable interest and can insure the goods.