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I see it this way: insurance is risk sharing. Gambling is competition. Insurance is about risks to yourself and your property. In betting, you are not compensat
by hliyan 10y ago
I see it this way: insurance is risk sharing. Gambling is competition. Insurance is about risks to yourself and your property. In betting, you are not compensated for your own loss, but some event that may be a loss or a gain or even neutral. I'd say taking out an insurance against a random person's life would still be betting.
- Mz 10y agoTaking out insurance on a random person's life is also illegal. I worked in insurance. I am not a fan of it. But you need insurable interest in someone to take out life insurance on them. Otherwise, people would just insure random strangers and then kill them. This is not hypothetical. One of the forms of insurable interest is key employee life insurance. There have been cases where a business decided to call entry level employees "key employees" so as to take out life insurance, and then these "key employees" kept dying." There have also been historical cases where female serial killers were offing relatives for the insurance money.