This document provides study material on business law topics relevant to insurance professionals. It includes educational objectives and activities related to sales contracts, negotiable instruments, documents of title, secured transactions, and consumer protection laws. For each topic, it describes key elements and concepts to focus on, and provides prompts for activities like summarizing and explaining aspects of the topics in short written responses.

1. Documents of Title—Activities 1
CPCU 530 Study Aid 3
Business Law for the Insurance Professional
Donna M. Kesot, CPCU & AICPCU
February 2013
Copyright Donna M. Kesot, CPCU
Copyright American Institute For Chartered Property Casualty Underwriters

2. Documents of Title—Activities 2
Chapter 4
Educational Objective (EO) -- Sales Contracts
Summarize the significance of each of the following in relation to the creation and
performance of a contract for the sale of goods:
Uniform Commercial Code Article 2
Types of sales contracts
Formation of sales contracts
Breach of sales contracts and remedies for the breach
Describing Sales Contracts
Uniform Commercial Code Article 2
Types of sales contracts
Formation of sales contracts
Breach of sales contracts and remedies for the breach
Summarize the key elements of each topic(s) in relation to creating and performing sales
contracts. Focus on the purpose, and rules or guidelines for each topic.
Educational Objective (EO) - Negotiable Instruments
Summarize the significance of each of the following in the sale of goods that occurs at a
distance or over time:
Uniform Commercial Code Article 3
Types of commercial paper
Transfer and negotiation
Holders in due course
Summarizing Key Elements in the Sale of Goods At a Distance or Over Time
For each of the following:
Uniform Commercial Code Article 3
Types of commercial paper
Transfer and negotiation
Holders in due course
Focus on these concepts:
The requirements under UCC Article 3 that make an instrument negotiable
Describe the two most common types of commercial paper and give examples of
Copyright Donna M. Kesot, CPCU
Copyright American Institute For Chartered Property Casualty Underwriters

3. Documents of Title—Activities 3
those types of transactions
Purpose of transfer and the types of endorsement that accomplish this
Examples of who is or is not a holder in due course
Educational Objective (EO) -- a Documents of Title
Describe the creation and uses of the following:
Warehouse receipt
Bill of lading
Describing Documents of Title
You may want to begin by reviewing the significance of documents of title as overseen by the
UCC Article 7.
What has to be on a warehouse receipt?
How is it used?
Who are the parties to a bill of lading?
Why is it needed?
Copyright Donna M. Kesot, CPCU
Copyright American Institute For Chartered Property Casualty Underwriters

4. Damages in Tort Suits—Activities 4
Educational Objective (EO) -- Secured Transactions
Explain the following aspects of secured transactions in (or for) the sale of goods:
Uses of security interests
Forms of security interests
Attachment of security interests
Perfection of security interests
Rights of perfected and unperfected security interests
Default
Writing a Memo to Explain Aspects of Secured Transactions
Uses of security interests
Forms of security interests
Attachment of security interests
Perfection of security interests
Rights of perfected and unperfected security interests
Default
Write a brief memo to a debtor (borrower), explaining the assigned aspect of secured
transactions in (or for) the sale of goods. Remind participants to include definitions of key terms
in their memos, and convey the impact on the debtor..
Educational Objective (EO) -- Consumer Protection Laws
Explain how each of the following helps to ensure fair treatment of consumers in
dealings with suppliers of goods and services:
Fair trade laws
Consumer credit laws
Bankruptcy
Explaining Consumer Protection Laws
1. Think of ways the following laws protect consumers and ensure their fair treatment:
Fair trade laws
Consumer credit laws
Bankruptcy
2. Give as many specific examples as possible?
Copyright Donna M. Kesot, CPCU
Copyright American Institute For Chartered Property Casualty Underwriters