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