Wagering V Insurance

Definition of "Wagering v. insurance"

Seth Greenwell
  Anchor Point Realty

Common misunderstanding about insurance. In gambling a risk is created that did not exist prior to placing a bet. Under insurance, a risk exists whether or not an insurance policy is purchased. For example, the uncertainty of one's home burning exists independent of the purchase of insurance; the purchase of insurance should not affect the probability of loss.

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