Insurance and Gambling

Many people think that insurance is the same as gambling because in both cases they find a number of people contributing an amount and one person or a few people taking the lot of these.

Insurance	Gambling
i. Insurance aims at helping an unfortunate person who has suffered a loss and therefore has gain.	Gambling aims of giving price to the winner the financial position of the winner improves after winning.
ii. The risk insured against may not happen.	The events speculated must happen to decide the winner.
iii. One must have on insurable interest in the property he/ she is insuring.	No such interest on gambling.
iv. It helps businessman and individuals.	It is the game of gambler people or street guys and doesn't help trade.
v. Insurance is legal.	Is legal only in few countries in most countries is illegal.
vi. One never loss or gain in the insurance.	In gambling person either he loses or gains.