Insurance and Gambling Compared

Some people sometimes like to compare insurance with gambling. It is because there are some similarities between insurance and gambling. In both cases there are uncertainties, uncertainties of what will happen. Payments are made when events occur, for example, when accidents occurs in case of insurance, and when the player wins in case of gambling. If the event occurs, the insured like the gambler gains. If the event occurs the insured like the gambler gains. However, the insurance ad gambling though look alike, is not same thing. There are some difference between insurance and gambling between them.