Highlight five differences between insurance and gambling.
Answer Text: -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 interestwhile in gambling no such interest
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