Risk Analysis - Life and Health Insurance vs Gambling

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Compare Health and Life Insurance to Gambling

THE DIFFERENCE BETWEEN GAMBLING AND INSURANCE

Risk is the possibility (uncertainty) that a loss might occur, and it is the reason people buy insurance. Some people think the risk you take with insurance is the same as the risk involved with gambling.

The risk in gambling is "speculative" risk. Gambling creates a risk situation that offers an opportunity for gain as well as for loss. Insurance deals with "pure" risk. With pure risk there is the possibility that a certain event will occur, e.g., accident or sickness.

What is the difference between insurance and gambling? The purpose of insurance is to restore the insured to his original position, not to afford the injured person the possibility of making a profit. There might be gain in gambling. In insurance there is no possibility of gain.

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