Mataracy
VIP Contributor
What is wagering ?
Wageri said to be described as a risk( a sum of money or valued item) against some one else's on the basis of the outcome of an unpredictable events.
(1) under insurance contract there must b insurable interest in the subject matter of insurance. In wagering, the interest is limited to the stake to be won or lost.
(2) under insurance contract the insured is immunes from loss and his identity is known before the event whereas either party may win or lose and the loser cannot be identified until after the event under a wagering contract.
(3) Full disclose is required by both parties under insurance contract whereas it is not required under a wagering contract.
(4) Insurance contract is enforceable at law whereas a wagering contract has no legal remedy.
(5) Indemnity only is guaranteed under an insurance contract but payment is made without suffering loss beforehand and the stakes are not paid by way of indemnity in a wagering contract.
What different can you also point out between Insurance Contract and Wagering?
Wageri said to be described as a risk( a sum of money or valued item) against some one else's on the basis of the outcome of an unpredictable events.
(1) under insurance contract there must b insurable interest in the subject matter of insurance. In wagering, the interest is limited to the stake to be won or lost.
(2) under insurance contract the insured is immunes from loss and his identity is known before the event whereas either party may win or lose and the loser cannot be identified until after the event under a wagering contract.
(3) Full disclose is required by both parties under insurance contract whereas it is not required under a wagering contract.
(4) Insurance contract is enforceable at law whereas a wagering contract has no legal remedy.
(5) Indemnity only is guaranteed under an insurance contract but payment is made without suffering loss beforehand and the stakes are not paid by way of indemnity in a wagering contract.
What different can you also point out between Insurance Contract and Wagering?
