Most of the full script will be hidden to you in the fragment window. The full script is autogenerated, and what you see in the window is just an automatically named function body.
The type of script it is extending, and what 'magic variables' available, will depend on what http://www.creationkit.com/Category:Fragments it is.
So your fragment window for your task above, will just be...
; TBJBurke.GetReference().AddItem(Insect.GetReference()); Game.GetPlayer().addItem(NewProperty, 500)
Save it, and YES: *** Comment the the code out when you first enter it! ***
If you're using properties that are not available in the standard autogenerated template, then they need to be added before you use them in your code.
So click on the Properties button, and then use the Add button to define the new properties.
Once that is done, you can go back and remove the comment markers, and re-save.