General insurance Are Insurance And Gambling The Same

[uforwealth]

Some people consider gambling and insurance the same while others see both the former and the latter as two different things. Those who claim that insurance and gambling are the same argue that both of them involve loss and wining.

When two people engage in gambling which is a game of luck, one will definitely lose while the other will surely win. Likewise, in insurance, if a person who purchases health insurance policy doesn't fall sick within the time stipulated in the policy, the insured will lose while the insurance companies will win(gain).

On the other hand those who believe that insurance and gambling are different,support their claim with evidence that gambling is a risk increaser while insurance has a tendency to decrease risks.

In your opinion, are insurance and gambling the same?

 

[Jamoflondon]

If you ask me, it’s not comparable in any way, people make money from gambling by predicting, while insurance is more of an investment to earn and even sometimes, the compensation is not even cash, it could be financial assistance from the company, so they are not actually giving you money directly

 

[btaliat]

If everything that involves losing and wining can be tagged gambling. Then life is also gambling. Let me adress the post. Insurance doesn't work like gambling because gambling depend solely on luck and the outcome of some events that cannot be measured but insurance is not like that. It can be measured.

 

[Mandy96]

The only similarity i see in both of them is the fact that you will have to put in money to make your profit just like every other businesses. But in the case of insurance, you don’t always make back money as your gain. Sometimes you get back compensations from the company

 

[Phabbyfundz]

In my opinion i would say that before any can go about to make any comparison you should know the meaning of the two words in play here, which are insurance and gambling. So what is insurance? It I a kind security given to a product, business ,person or even companies that help them during an event of a mishap or unfortunate situations. Gambling is staking money,goods, wares or whatever at a very high risk to gain more money , from this we find out that they are entirely totally different terms.

 

[Putta Vince]

Gambling is entirely different than Insurance since gambling just needs some luck and it is completely random. Luck in the sense , winning and losing is the part of the game , but sadly people only end up losing in gambling due to the house edge. Insurance is basically a risk management.

 

[Wisdom01]

They are not same thing for me I think ,they both have their level of risk and I think gambling is very much risky that's the reason they are different from each other ,and there is no investment that dosent come with any form of risk attached , each have their level of risk

 

[btaliat]

If you consider the way they both operate, one will not be mistaken by concluding that both insurance and gambling work the same way. This is becuase they are both games of chances. But if one consider their mission, they are of different mission and objectives. That's why they may not be the same

 

[Wisdom01]

If you consider the way they both operate, one will not be mistaken by concluding that both insurance and gambling work the same way. This is becuase they are both games of chances. But if one consider their mission, they are of different mission and objectives. That's why they may not be the same

Yeah they are different and not the same I think people should actually not put them together , because gambling mission is based on playing games with luck and trying to win , while insuring is more about investing on premium and if the person risk actually happened there might be coverage for such type of rissk

 

[btaliat]

Yeah they are different and not the same I think people should actually not put them together , because gambling mission is based on playing games with luck and trying to win , while insuring is more about investing on premium and if the person risk actually happened there might be coverage for such type of rissk

There are reasons why people may think they are related. Because actually if you check the two concepts, you will discover that the two of them are game of luck. There is no chance that whatever one insures against will surely come to pass. Just like gambling, the chance of winning too is not that sure. That's why they may be the same from that angle.

 

[Wisdom01]

There are reasons why people may think they are related. Because actually if you check the two concepts, you will discover that the two of them are game of luck. There is no chance that whatever one insures against will surely come to pass. Just like gambling, the chance of winning too is not that sure. That's why they may be the same from that angle.

They both have different level of risk , I think in insurance there are more certainty that you might be compensated t the end when you choose to withdraw and you have the fear that the risk you are insuring against might likely not happen , but it's different in gambling

 

[Chibson]

I think there is a difference between gambling and going into an insurance company but in some cases you may argue that they operate in the same case because there is no certainty that your property will get damaged but an insurance company act as a backup. So it is definitely a business for them.

 

[Chibson]

I think there is a difference between gambling and going into an insurance company but in some cases you may argue that they operate in the same case because there is no certainty that your property will get damaged but an insurance company act as a backup. So it is definitely a business for them.

 

[Wisdom01]

I think there is a difference between gambling and going into an insurance company but in some cases you may argue that they operate in the same case because there is no certainty that your property will get damaged but an insurance company act as a backup. So it is definitely a business for them.

Their mode of operation is actually different and also their organizational structures , the benefits with insurance company is that in most policy even after paying premium to cover for the risk , the person might still be getting extra benefit like for instance health insurance policy might provide constant free health care service for their clients