|
Answer» Following are the points of difference between insurance and gambling : | S.No. | Basis of difference | Insurance | Gambling | | 1. | Presence of Risk | Insurance is done only in condition if risk exists. | Risk is emerged from gambling. | | 2. | Security from Risk | Insurance is done to provide security from risk. | Gambling is done to create risk. | | 3. | Measurement of risk | Measurement of risk in insurance is done in a scientific way. | Not possible to measure risk in gambling. | | 4. | Objective | Insurance is done to minimise the risk of future uncertainties. | Gambling is done for entertainment and for gaining profit. | | 5. | Gains of insurance | Insured have benefits in insurance. | A gambler doesn’t have insured benefits in gambling. | | 6. | Validity | Insurance contracts legal. | Gambling is not a legal contract. |
|
