Difference between contract of insurance and gambling/wagering contract

Difference between contract of insurance and gambling/wagering contract.
Comparison between contract of insurance and gambling/wagering contract.
Compare between contract of insurance and gambling/wagering contract.
contract of insurance vs gambling/wagering contract. 

Difference between contract of insurance and gambling/wagering contract

Contract of insurance and gambling/wagering contract are more important in the insurance business. Although insurance and gambling/wagering contract considered alike, there are some uncertainty of events and payment is made when the event occurs between two contracts. Differences between insurance and wagering contract are given below-

Insurance Contract	Matter of Differences	Gambling/Wagering contract
In insurance contract, insurable interest is essential.	Insurable Interest	In case of gambling/wagering contract, insurable interest is not essential.
In insurance, risk are exists and it can occurs any time.	Risks	In gambling/wagering contract, the risk does not exist.
In case of insurance, the insurer received premium as consideration of payment of claims.	Consideration	In gambling/wagering contract the risks does not exists.
Insurance is the contract of utmost good faith.	Nature of contract	Gambling/Wagering contract is a contract of untrustworthy and fraud.
The objective of insurance contract is to maintain the interests of insurer.	Objective	Gambling/Wagering contract does not maintain the interest of any party.
Insurance is a valid contract in the eye of law.	Validity	Gambling/wagering contract has no validity.
In this case the insurer will provide a fixed amount or indemnify the loss due to the insured perils.	Payment of claims	In gambling/Wagering contract, one will suffer and another will gain.