A novel, computationally inexpensive model will be developed to study, at the two-point level, the combined two-species chemical reaction in homogeneous turbulence. Time splitting will be used to decouple convective and diffusive effects over short time intervals; closure approximations will then be applied to each of these phenomena in isolation over the same brief intervals. The convective and diffusive closure approximations will be examined individually and collectively, along with reaction, by reference to direct numerical simulation solutions to the same problems at moderate to low Reynolds numbers.