Cpcu 530 review_chapters 5_feb 2013

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  • 1. Consumer Protection Laws—Activities 1 CPCU 530 Study Aid 4 Business Law for the Insurance Professional Donna M. Kesot, CPCU & AICPCU February 27, 2013 Copyright Donna M. Kesot, CPCUCopyright American Institute For Chartered Property Casualty Underwriters
  • 2. Bailee’s and Bailor’s Rights and Duties—Activities 2 Chapter 5Educational Objective (EO) -- Ownership and Possession ofPersonal PropertyExplain how a person can acquire ownership of personal property in each of these ways: Creation Accession Confusion Gifts BailmentsDeveloping a Scenario to Explain Ownership and Possession of Personal PropertyDevelop a scenario that illustrates how someone acquires legal ownership, using specificexamples of the method assigned to them.Describe protected rights, as a result of acquiring that type of ownership.Educational Objective (EO) -- Bailee’s and Bailor’s Rights andDutiesDescribe the respective rights and duties of a bailee and a bailor. Copyright Donna M. Kesot, CPCU Copyright American Institute For Chartered Property Casualty Underwriters
  • 3. Bailee’s and Bailor’s Rights and Duties—Activities 3Quiz Yourself (cover Answer column and see how you do) Questions Rights & Duties of Answers Bailees&Bailors 1. Who is a bailee? 2. What is bailment? 3. Who is a bailor? 4. Explain how sole and mutual benefit affect the bailee’s rights. 5. Describe the role of compensation in a bailment. 6. What is a lien? What is a possessory lien? 7. Describe the bailee’s duties. 8. Explain why and how the bailee has an insurable interest in the goods. 9. Describe possession and ownership of goods as it relates to the bailee. 10. Describe the bailor’s rights and duties. 11. When is a bailor responsible for a bailee’s negligent use of property? Copyright Donna M. Kesot, CPCU Copyright American Institute For Chartered Property Casualty Underwriters
  • 4. Land Use Restrictions—Activities 4 Educational Objective (EO) -- Real Property Ownership Describe these types of real property ownership: Fee simple estate Life estate Joint tenancy Tenancy by the entirety Tenancy in common Community property Cooperative ownership Condominium ownershipQuiz Yourself (cover Answer column and see how you do) Question: Describing Real Property What is… Owernership 1. A full ownership interest in property with the unconditional right to dispose of it. 2. Tenancy 3. Joint tenancy 4. A joint tenancy between husband and wife. 5. Ownership, usually of real property such as an apartment building, by a corporation, the stockholders of which receive long- term proprietary leases to a portion of the property and a proportional vote in its affairs based on the number of shares owned. 6. Condominium 7. Community property 8. A concurrent ownership of property, in equal or unequal shares, by two or more joint tenants who lack survivorship rights. 9. Life estate Copyright Donna M. Kesot, CPCU Copyright American Institute For Chartered Property Casualty Underwriters
  • 5. Land Use Restrictions—Activities 5Educational Objective (EO) -- Real Property SalesDescribe real property sales in terms of the following (using key elements): The required elements of a contract of sale The types of deeds and the characteristics of each The requirements that deeds must meet How and why deeds are recordedEducational Objective (EO) -- Real Property Security Interestsand LiensDescribe the purpose and operation of each of the following: Mortgages Trust deeds Land contracts Mechanic’s liensCan you summarize (briefly) the purpose and function of each? Copyright Donna M. Kesot, CPCU Copyright American Institute For Chartered Property Casualty Underwriters
  • 6. Land Use Restrictions—Activities 6 Educational Objective (EO) -- Incidental Real Property Rights Describe each of the following incidental real property rights: Adverse possession Rights to whatever is under, above, or on the land’s surface Rights to lateral and subjacent support Water rights Ownership of fixtures Can you develop a scenario that centers around one or more of the incidental real property rights described in the content? The scenario should involve a character who either has or does not have those incidental property rights. Educational Objective (EO) -- Land Use Restrictions Describe the following types of land use restrictions: Incorporeal interests Licenses Government controls.Quiz Yourself (cover Answer column and see how you do) What is… Describing Land Use Restrictions 1. A nonmaterial interest in real property. 2. Easement 3. A government’s regulation of building construction and occupancy and of land use according to a comprehensive plan. 4. Profits à prendre 5. License 6. A legal procedure by which a government body seeks a court’s permission to seize private property by eminent domain. 7. Exclusionary zoning Copyright Donna M. Kesot, CPCU Copyright American Institute For Chartered Property Casualty Underwriters
  • 7. Land Use Restrictions—Activities 78. The right of a government to seize private property for public use.9. A provision in a general zoning plan that assigns a different use for a small area of land than that of the surrounding area.10. Variance11. An exception to the application of a zoning ordinance for lots that, because of size, topography, or other physical limitations, do not conform to the ordinance requirements for the zone.12. Nonconforming use13. A land use explicitly permitted by a zoning ordinance but subject to certain limitations.14. Local ordinances or state statutes that regulate the construction of buildings within a municipality, county, or state.15. Use variance Copyright Donna M. Kesot, CPCU Copyright American Institute For Chartered Property Casualty Underwriters
  • 8. Damages in Tort Suits—Activities 8Educational Objective (EO) -- The Landlord and TenantRelationshipDescribe the landlord-tenant relationship in terms of the following: The three types of landlord-tenant estates Landlord’s rights and duties Landlord’s remedies Tenant’s rights and duties________________________________________________________________________A. What are the three types of landlord-tenant estates? What are the main distinctions between them?B. What rights and duties does a landlord have?C. What legal actions can a landlord take in response to a tenant breaching a lease agreement?D. On the other hand, what rights and duties are given to a tenant?E. When would there be exceptions, for either party?Educational Objective (EO) - Products LiabilityDescribe these causes of action for products liability and the possible defenses to them: Misrepresentation Breach of warranty Strict liability and negligence Describing Causes of Action and Defenses in Products LiabilityMost products liability suits are based on one or more of these legal principles: Misrepresentation Breach of warranty Strict liability and negligenceDescribe each of these legal principles and include definitions of key terms where applicable.Describe the types of product defects typically cited in product liability causes of actions, whichparties may be liable, and which parties may be protected.What are the types of defenses that may be used in product liability. Include definitions of keyterms, where applicable. Copyright Donna M. Kesot, CPCUCopyright American Institute For Chartered Property Casualty Underwriters
  • 9. Damages in Tort Suits—Activities 9 Educational Objective (EO) -- Damages In Tort Suits Describe the types of damages a court can award a plaintiff for a tort claim.Quiz Yourself (cover Answer column and see how you do) Damages in Tort Suits What is/are…? 1. Emotional distress 2. A form of compensatory damages that awards a sum of money for specific, identifiable expenses associated with the injured persons loss, such as medical expenses or lost wages. 3. Exemplary damages 4. A payment awarded by a court to punish a defendant for a reckless, malicious, or deceitful act or to deter similar conduct; need not bear any relationship to a partys actual damages. 5. Pain and suffering 6. The circumstances under which a court can award punitive damages. 7. A monetary award to compensate a victim for losses, such as pain and suffering, that do not involve specific measurable expenses. 8. Wrongful death action 9. The compensatory damages to compensate a plaintiff for any loss of income directly related to a tort. 10. A statute that preserves the right of a person’s estate to recover damages that person sustained between the time of injury and death. 11. Three factors considered in assessing punitive damages. 12. A payment awarded by a court to indemnify a victim for actual harm. Copyright Donna M. Kesot, CPCU Copyright American Institute For Chartered Property Casualty Underwriters
  • 10. Damages in Tort Suits—Activities 10Educational Objective (EO) -- Liability Concepts AffectingTort ClaimsExplain how these concepts can affect a tort claim: Joint tortfeasors liability Expanded liability concepts Vicarious liability Good Samaritan issues Class actions and mass tort litigation Copyright Donna M. Kesot, CPCUCopyright American Institute For Chartered Property Casualty Underwriters