The chief difference in law between insurance contracts and wagering is that one cannot make a profit from having insurance.

Question

Quizplus · Accepted Answer

Insurance contracts are designed to indemnify the insured against losses, essentially restoring them to their financial position prior to the loss, not to provide a profit. In contrast, wagering contracts are speculative and allow for profit beyond the initial stake.

The Chief Difference in Law Between Insurance Contracts and Wagering