You're definitely right -- it's interesting, but it's not making me any more sympathetic, because I fail to see why the lack of insurable interest is something the premium can't account for, and they fail to provide any explanation of that.
As far as insurance gambling goes, it feels fundamentally different? In gambling, the "house" that sells you the ticket sets the rules and introduces the element of chance. In insurance, the entity selling the financial product here is in no way in control of the outcome, which is the exact opposite of gambling.
As far as insurance gambling goes, it feels fundamentally different? In gambling, the "house" that sells you the ticket sets the rules and introduces the element of chance. In insurance, the entity selling the financial product here is in no way in control of the outcome, which is the exact opposite of gambling.