Business Studies, asked by arhithpattathil6311, 1 year ago

Differentiate between insurance and gambling.

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Answered by Anonymous

Answer:

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Explanation:

The risk in gambling is “speculative” risk. Gambling creates a risk situation that offers an opportunity for gain as well as for loss. Insurance deals with “pure” risk. With pure risk there is the possibility that a certain event will occur, e.g., accident or sickness.

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