School of Financial Planning & Insurance

Bachelor of Commerce (with a major in Short-term Insurance)

Are you being called to a career in commerce? Does the short-term insurance industry interest you? Or are you wanting to apply for the designation of a Fellow (FIISA) awarded by IISA? Why not consider enrolling in Milpark Education’s Bachelor of Commerce with a major in Short-term Insurance?

Offered via Distance Learning (DL) and Distance Learning Online (DLO) - Click here to find out more about our Ways to study

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NQF Level

7

SAQA

90509

Min Credits

360

DESCRIPTION AND PROGRAMME PURPOSE

The current drive to expand and professionalise the short-term insurance industry requires the development of people with general business management skills and an in-depth understanding of the workings of the short-term industry.

This option provides a strong foundation in general business principles and the required accounting, marketing, economic and quantitative skills. The additional modules allow the student to acquire detailed knowledge of the key principles, rules and theories that underpin the short-term insurance industry.

Students who complete this major will further gain knowledge on a wide range of products, including specialist products available in the short-term insurance industry. Combined with a sound understanding of the regulatory environment and of the practices involved with claims, underwriting procedures and the principles of risk management and reinsurance, students will be enabled to make ethical and professional decisions based on short-term insurance industry-specific scenarios as reflected in the Case Study module.

The purpose of the Bachelor of Commerce (BCom) degree is to provide a broad but solid educational foundation to students in the field of commerce, including various key discipline areas such as business management, accounting and economics. The qualification has been designed to provide the knowledge base, practical competence and

WHO SHOULD ENROL

The programme would be suitable for:

  • Persons who require a strong foundation in general business principles and the required accounting, marketing, economics and quantitative skills. The additional modules allow candidates to acquire detailed knowledge of the key principles, rules and theories that underpin the short-term insurance industry.
  • Persons wanting to apply for the designation of a Fellow (FIISA) awarded by the IISA.

PROGRAMME OUTCOMES

Successful completion of this qualification should enable the student to:

  1. Demonstrate awareness of the management and leadership competences necessary to operate in the local or international business environment.
  2. Demonstrate awareness of the essential components of an effective operations strategy in a business environment.
  3. Demonstrate awareness of essential economic theory and its managerial and business implications.
  4. Conduct business research with appropriate supervision in a business environment. 

Kindly note that there is an overview factsheet available that provides information on all the different BCom majors offered by Milpark.

PROGRAMME STRUCTURE

MAJOR: FINANCIAL PLANNING: 405 CREDITS

Semester 1 Year 1 Year 2 Year 3
Generic Induction to Business Studies*
Business Numeracy*
Principles of Microeconomics
Principles of Accounting 
Introduction to Business Management
Intermediate
Macroeconomics

General Management
International Economics
Specific to major Legal Framework** Commercial Lines
Insurance**
Risk Management 
Commercial Property and
Business Interruption Insurance**
Semester 2 Year 1 Year 2 Year 3
Generic Principles of Macroeconomics 
Applied Financial Accounting 
Business Law BLAW
Marketing Management
Practice 
Management and
Leadership 
 
Specific to major Personal Lines Insurance** Liability Insurance**
Short-term Insurance
Environment**
Reinsurance**
Advanced Insurance Products**
Case Study**
Total credits per year  164 130 122

* Please note that Induction to Business Studies and Business Numeracy are only offered via Distance Learning Online (DLO) and should be completed in the first semester of study.
** Denotes specialist modules relating to major. Specialist modules relating to your chosen major will be on offer via DLO and Distance Learning (DL) only.

Also note that:

Liability Insurance and Short-term Insurance Environment will be offered in both semesters

Commercial Property and Business Interruption Insurance is offered in Semester 1; while Advanced Insurance Products, Case Study and Reinsurance are offered in Semester 2.

On completion of the Personal Lines Insurance and Legal Framework modules, a student can apply to receive a letter of completion for the Short-term Personal Lines Insurance class of business.

The admission criteria for the Bachelor in Commerce degree are as follows:

If the candidate matriculated in 2007 or earlier

Candidates who matriculated in 2007 or earlier require:

1. A Senior Certificate with matriculation endorsement/exemption for degree studies. Candidates who have a Senior Certificate but who do not meet the matriculation endorsement/exemption requirements stated above, may apply to Universities South Africa (USAF), for mature age exemption (https://mb.usaf.ac.za/); and

2. A symbol of E or higher for Mathematics on HG, or a symbol of D or higher for Mathematics on SG. Candidates who do not meet the Mathematics requirement may be offered admission on condition that they successfully complete the BCom bridging programme, if they have achieved at least a symbol of E on HG or a C on SG in any two of the following subjects:

  • Economics
  • Business Economics
  • Accounting
  • Physical Science or Physics/Chemistry
  • Natural Science or Biology.

If the candidate matriculated in 2008 or later Candidates who matriculated in 2008 or later require:

1. A National Senior Certificate (NSC) with a minimum of 50% in four NSC 20-credit subjects, including English as the language of instruction at Milpark Education, as certified by Umalusi. Candidates who have a National Senior Certificate (NSC) but who do not meet the matriculation endorsement/exemption requirements stated above, may apply to Universities South Africa (USAF), for mature age exemption (https://mb.usaf.ac.za/); and

2. A minimum mark of 50% for Mathematics or 70% for Mathematics Literacy. Candidates who do not meet the Mathematics requirement but who have achieved a minimum mark of 50% or higher in any two of the following subjects may be offered admission on condition that they successfully complete the bridging programme:

  • Economics
  • Business Economics
  • Accounting
  • Physical Science or Physics/Chemistry
  • Natural Science or Biology.

Candidates who have completed a relevant Higher Certificate (NQF 5) or Diploma (NQF 6) in the field of business or commerce, may also be admitted to the BCom degree.

Other certificates

Any applicant who has a certificate other than a South African National Senior Certificate has to provide:

  • a SAQA Certificate of Equivalence, if they want to enrol for a Higher Certificate, Advanced Certificate, Diploma or Postgraduate qualification (www.saqa.org.za)
  • or a USAF Exemption Certificate, if they want to enrol for a Bachelor’s degree (https://mb.usaf.ac.za/).

Recognition of Prior Learning (RPL) applications

Milpark admits a small number of students onto its programme via Recognition of Prior Learning (RPL). Applicants interested in applying via RPL will be considered individually by the relevant Dean.

Distance Learning Online (DLO) Distance Learning (DL)
Cycle 1 Semester 1
Close of Admission/application: 31 December 2021 Close of Admission/application: 28 January 2022
Close of Registration: 14 January 2022 Close of Registration: 11 February 2022

 

Cycle 2
Close of Admission/Application: 25 February 2022
Close of Registration: 11 March 2022

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