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Is Insurance Same As Gambling?
Gambling = Random events and odds of events can be calculated…Insurance is exactly the same. Gambling house = know the Odds and the house never looses. Insurance is exactly the same. In gambling you play and play, but you rarely win. In insurance you pay and pay premium and you rarely need it.
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3 Replies
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Is Insurance Same As Gambling?
updated 4 years, 5 months ago
2 Members
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3
Replies
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Many things in life work on the statistical principles of probability. Just because something is probabilistic rather than certain doesn’t make it a gamble. Gambling is done for the purpose of entertainment, and in gambling one party has an overall odds of winning that approach certainty.
For Ghamidi sahab’s view on insurance please watch the video below:
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Thank you Faisal for the reply. I have seen most of Ghamidi Sahib’s videos and I revere him. I agree with him 95% of the time and he is the only two scholars from the entire World that I trust and follow. Per his teachings, I ask questions. Regarding the matter of Insurance, as I mentioned, the odds are in favor of Insurance companies, it’s calculated and as a whole they almost always win.
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What you stated about insurance companies is not incorrect that the odds can be calculated and they’re in the favor of the company, but neither of those things within themselves make anything a gamble. Most businesses use probability as an edge, and in most cases they are in the favor of the business. Insurance business is no different – in fact it’s s lifesaver for individuals in the event of an unfortunate incident.
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