Insurance is not gambling because of the presence of

A. Principle of utmost good faith

B. Insurable interest

C. Indemnity principle

D. None of the above

Answer: Option B

Solution(By Examveda Team)

Insurance is not gambling because of the presence of Insurable interest. Without an insurable interest, it would be wagering, contract. Thus, this principle clearly distinguishes the insurance contract from the gambling.