Highlight five differences between insurance and gambling.

Answer:

-Insurance involves pure risks while gambling involves speculative risks
-Insurance aims at retoring the financial position one was before loss occurred while gambling aims at improving the financial position of the gambler
-In insurance, the event of loss might never occur while in gambling event must occur to determine the loser and the winner
-In insurance, regular premiums are paid for the contract to remain valid while in gambling, money is paid once
-In insurance, one must have an insurable interest
while in gambling no such interest

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