(i) For insurance, loss might never occur while for gambling, the bet must happen in order to determine winner or loser.
(ii) Insurance involves pure risks while gambling involves speculative risks.
(iii) Regular premiums are paid for insurance while for gambling payment is done once.
(iv) Insurance aims at indemnifying the insured while gambling aims at benefiting the gambler.
(v) For insurance, the insured must have insurable interest while gambling has no insurable interest.
maurice.mutuku answered the question on July 13, 2017 at 06:59
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