What Are The Differences Between Insurance And Gambling?

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12 Answers

Anonymous Profile
Anonymous answered
Diferences include:
Insurable interest
Utmost good faith
Enforceable at law

All of which are contained in insurance contract but no in gambling
Anonymous Profile
Anonymous answered
Well insurance is a bit like gambling... You're gambling a small amount of money in case something bad happens you won't be out of a lot of money, and the insurance company is betting that nothing bad will happen and therefore they make a lot of money based on the number of people insured vs. The number of claims.

Gambling on the other hand is wagering a sum of money, hoping for a payoff of a larger sum of money. All you have to lose is whatever you are wagering. With insurance, the payout can mean the difference of being left homeless or having the means to start over.  

They are both betting games, but usually in regular gambling unless someone is a complete idiot and wagers everything they own, they aren't going to lose everything they own, but with a fire, flood or other natural disaster, someone's whole life can be wiped away in a matter of moments with no means to recover.

Between the two, I'd use my money for insurance. I've had a home fire. I've never won a lottery. Remember, those big casinos and hotels weren't built on winners !
Anonymous Profile
Anonymous answered
Insurance is a system or social device by which a number of people contribute, small amounts to a common pool which is used to compensate those contributers who will suffer losses arising from a specified cause or causes. Insurance is a kind of business and its profit is the difference between customers contribution and total amount paid out to compensate for losses suffered plus operating expenses. That is the policy holders agree to pay premiums against the insurers promises to pay certain sum, incase certain events should happen. Insurance pays you for loss and damages which occured and gambling is played for doubling your money, you can loose everything at that one moment...therefore gambling is done legally at some areas and at some areas illegally but insurance is legally done anywhere and everywhere!
rahul sharma Profile
rahul sharma answered

Gambling is similar to share market not the insurance..

Insurance is the best way to protect your life and also your family .

So many company offer the various plan from which you can choose But when it come to buy any term insurance or life insurance even experience person is also confuse with various plan....Then insurance comparison site come into existence...

So compare Insurance online with Policyx.com

Selwy  Nigel Profile
Selwy Nigel answered

I have to agree with Steven. The nice
thing about insurance is that it covers you in case you do lose. It does depend on your package though and if you think skipping out on adding something just to save a few bucks will help you in the long run, it’s a true gamble because you don’t know if you’re going to win or lose in that case, but of course
you’re going to hope that you win. And with gambling, there’s nothing to cover you in case you do lose. It’s certainly very though provoking, isn’t it? 

However, if you gamble, you may want to try out some mobile casinos that don’t require a deposit (like this). This could save you a major loss in the long run!



Rahul Agarwal Profile
Rahul Agarwal answered

The reason of insurance is to reinstate the insured
to his original position, not to afford the offended person the possibility of
making a profit. There might be gain in gambling. In insurance there is no opportunity
of gain.

Anonymous Profile
Anonymous answered

Obviously both are Totally different. Insurance is something that Helps in your Bad times if something unfortunate happens but in the other hand Gambling is something that creates your bad times. So don't be so confused. I bought my Car Insurance last year and within 1 month met with a major accident and i didn't have any clue that time but my insurance company helped me in recovering all my money.

Moly Titan Profile
Moly Titan answered

The difference is quite large and it is strange not to understand. A really big problem that many confuse, for example, sports betting and gambling. And the differences are really significant. It hurts me as a https://1xbetaffiliates.net/en/ player :( I'm not a gambler, I like to get easy money.

Chips Ters Profile
Chips Ters answered

Hello! In fact, I play quite a lot of games, because they allow me to relax after hard working days, but most of all I enjoy playing casinos https://casumoonline.in/You have no idea what a pleasure it is to come tired from work, pick up a laptop and start having fun in the casino. You should definitely try it!

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