5 SIMILARITIES AND 8 DIFFERENCES BETWEEN INSURANCE AND GAMBLING
Insurance is an aid to trade while gambling is a risk matter or act of game where people work on chance or luck. SIMILARITIES In both cases, many people contribute towards a common pool. At least two or more members are involved, i.e in insurance there is the insured and insurer while in gambling there are gamblers. In both cases, either chance or misfortune determines who takes money from the pool. 4. Many people contribute but one or few take the money. They both involve some element of gaining by one party, i.e if the risk does not happen, the insurer takes the money while in gambling, the winner benefits. DIFFERENCES Insurance is a legal business which is recognized by the state while gambling in most cases is illegal and a social crime in society. In gambling, the event specialized against must occur, i.e one side must win where in insurance the risk insured against may not or may occur except with life assurance. Insurance helps the unlucky one to be restored to their original po...