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RSK3702: Risk Financing and Long Term Insurance: Home

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This subject guide provides access to the Library's key resources relevant to the modules RSK3702: Risk Financing and Long Term Insurance

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Module RSK3702: Introduction

The aim of this module is to enable students to study the principles and nature of life insurance, the structure and regulation of the life insurance industry from a risk management perspective and the principles of self-funding and alternative risk financing arrangements.

Definition

Difference Between Long Term And Short Term Insurance:

Insurance can be divided into two basic categories: Short term and long term insurance

Long term insurance is insurance that covers life-changing events in life, such as death, retirement and disability.

  • The purpose of long term insurance is to provide you with an income in the long term (retirement), or a lump sum of money in the event that you become permanently disabled or pass away.
  • Long term insurance policies include life insurance, funeral insurance, retirement annuities and endowment policies.

Short-term insurance, on the other hand, is insurance that you take out on your possessions.

  • The purpose of short term insurance is to protect you against losses that you may suffer as a result of unforeseen events such as accidents, crime, floods, fires or illness.
  • Often, short term insurance policies tend to cover the smaller claims or those things that you may be changing a lot, for example vehicles, household etc.

Simply put, when a life (or anything related to a human being) is insured it is considered to be long term insurance. When it is any other item (ie not related to a human being) it is considered to be short term insurance.

Source: https://www.realpeopleassurance.co.za/difference-between-long-term-and-short-term-insurance/

 

South African Insurance Association (SAIA)

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Subject Guide

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Leanne Brown
Contact:
brownlt@unisa.ac.za
Unisa Library
Samuel Pauw 6-17
Muckleneuk Campus
Pretoria
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+27 12 4293216

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