Compare Gambling And Insurance

Insurance and gambling were considered alike because there is an uncertainty of events and payment is made when the event occurs.

The casino relies on the law of large numbers for their business model. Players are hoping to have the occasional short-term run of luck. The casino knows that these short-term runs of luck are more than compensated for by the actual expected results on all the other bets being placed constantly throughout the casino. (i) For insurance, loss might never occur while for gambling, the bet must happen in order to determine winner or loser. (ii) Insurance involves pure risks while gambling involves speculative risks. (iii) Regular premiums are paid for insurance while for gambling payment is done once.

A life insurance company, by contrast, does little else. Legally and culturally, there is a clear distinction between gambling and insurance. Economically the difference is less visible. They hold strongly to the view that insurance is gambling and, for many of these people, they would never have anything to do with any of the two. From the surface, insurance and gambling look alike: they have to do with risks, they are both contracts, and payment is made from a pool of fund in both cases. Insurance is a policy that protects specific assets, risks, or contingencies. Examples include property insruance, suto insurance, workers compensation insurance, general liability insurance, errors and ommissions insurance, earthquake insurance, health insurance, etc. Risk Management is a term to mean the management of risks, a part of which may be securing insurance; but more broadly the.

Like gambling, the insured is unaware of the time and amount of loss.

If the event occurs, the insured like the gambler gains; otherwise, they are experiencing the loss.

But there are certain differences between the insurance contract and gambling.

Nature of risk

In insurance, risks are existing, they may occur at any time.

For example, death, old age, fire, marine perils, accident, etc., may occur at any time.

Related: Risks and Insurance

If there is no insurance;

The person will suffer at the occurrence of these perils, but if insurance is taken against these risks, the ‘usurer will provide a fixed amount or indemnify the amount of loss occurred due to the insured perils.

Thus, insurance is protection against these risks.

Related: Types of Risks in Insurance

In the case of gambling, the risk does not exist, it is being created for a game or amusement white one will suffer and another will gain.

In absence of such game, nobody will suffer. In absent of insurance the property owner will suffer while due to insurance, no party will suffer.

Read more: Pure Risks

Insurable Interest

In an insurance contract, insurable interest is essential.

Without an insurable interest, it would be wagering, contract. Thus, this principle clearly distinguishes the insurance contract from the gambling.

Insurance and Gambling Distinguished

• As an insurance student, it is necessary for us to be able to pinpoint the difference between insurance and wagering. There are:
• Insurance contracts are legally valid contracts, whereas, gaming and wagering contracts are void.
• Utmost good faith is required to be exercised in insurance contracts, whereas, it is not applicable to gaming or wagering.
• In insurance, the insured event may take place or may not, or may take place more than once (except life), but in gaming or wagering the event will definitely take place and it will take place only once.
• The principle of insurable interest applies to insurance contracts but not to wagering.
• Indemnity applies to insurance, but in case of gaming or wagering the person winning gets back his stake and also a windfall gain.
• In insurance, it is known as to which party is immune from loss, but in gaming or wagering it is not known which party is going to win or lose.
• An insurance event is never desired by either of the parties, but parties to gaming and wagering would always like to win at the cost of the other.

So it’s clear that insurance is not gambling.

This report analyzes and compares PENN NATIONAL GAMING's employee health insurance and employee benefits with its industry and in Pennsylvania State.

Providing a smart employee benefits package is critical for attracting top talent and retaining valuable employees. Today, employee benefits play a vital role when candidates consider accepting a job offer.

Many companies offer today over-the-top perks, like yoga classes, haircuts, catered meals, and acupuncture. In this report, we focus however on traditional benefits. It's a work in progress that we will expand and update on a regular basis.

This report contains the following sections

Career benefits

PENN NATIONAL GAMING has superb career benefits that have a great impact on employees' career. There are several coaching and mentoring programs, as well as onboarding program for new employees to help them fit in the PENN NATIONAL GAMING. superb tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.

• CAREER PLANNING: PENN NATIONAL GAMING believes that career planning of each employee is a key to a successful business and offers solid opportunities so that the employees can reach their full potential. PENN NATIONAL GAMING has solid resources at its disposal to achieve this goal.
• COACHING AND MENTORING: PENN NATIONAL GAMING offers superior coaching and mentoring programs through which every employee gets the support and resources to become a valuable member of the team.
• DEVELOPMENT RESOURCES: excellent development resources are what allows PENN NATIONAL GAMING to keep its team members in shape and widen their personal and professional horizons. Throughout the year, employees are encouraged to participate in excellent workshops and learning groups with the focus on topics relevant to their respective fields.
• GED REIMBURSEMENT: PENN NATIONAL GAMING has a solid GED reimbursement policy for its team members and participates with 1/4 of the costs for obtaining a GED.
• LEADERSHIP PROGRAMS: PENN NATIONAL GAMING does not offer leadership programs.
• ONBOARDING: PENN NATIONAL GAMING offers a first-class Onboarding program for its new team members. Employees receive a personalized support in an effort to bring them up to date and successfully integrate them into existing teams and projects.
• RECOGNITION PROGRAMS: PENN NATIONAL GAMING knows that dedicated team members are hard to come by so it has an outstanding Recognition program for those who stand out and continually contribute to PENN NATIONAL GAMING.
• TUITION REIMBURSEMENT: PENN NATIONAL GAMING does not offer tuition reimbursement.

Healthcare benefits

PENN NATIONAL GAMING offers top-notch health benefits to its employees, of which some can be used by employee's family members. Besides an affordable healthcare insurance and a dental plan that includes recounstruction surgery, team members can enjoy PENN NATIONAL GAMING's top-notch maternity support program, nutritional and psychological counseling, and health plan incentives.

• COUNSELING: PENN NATIONAL GAMING is aware of the fact that its employees can sometimes experience stress at the workplace or have some other psychological issues. That's why PENN NATIONAL GAMING implemented a good counseling program that helps team members during office hours. Employees can receive a psychological and emotional support during difficult periods of their time and learn how to effectively cope with stress. This good counseling program includes nutritional and fitness information as well.
• DENTAL PLAN: Team members at PENN NATIONAL GAMING have a superb dental plan at their disposal and can count on 100% coverage for preventative dental care, as well as some more complex dental procedures. PENN NATIONAL GAMING partially pays for dentures and braces as well.
• HEALTH INSURANCE: PENN NATIONAL GAMING offers a great health insurance for its team members that covers a most basic and some complex medical procedures.
• HEALTH PLAN INCENTIVES: PENN NATIONAL GAMING does not offer health plan incentives.
• HEALTHCARE SPENDING ACCOUNTS: PENN NATIONAL GAMING offers an excellent healthcare spending account to its employees. Employees have an option to deposit a part of their salary into the account and use it for any medical or dental expenses not covered by their health plan. Employee's family members can use this funds as well.
• MATERNITY SUPPORT PROGRAM: Aware of the challenges that come with pregnancy, PENN NATIONAL GAMING has created a first-class maternity support program to support its expecting team members.
• TELEHEALTH: PENN NATIONAL GAMING has implemented a superb telehealth policy for its members to use any time of the day, every single day. PENN NATIONAL GAMING covers all expenses of exams, doctor's opinions, and other services that can be done over the phone or via video call.
• VISION PLAN: PENN NATIONAL GAMING has an extraordinary Vision Plan for its team members who can count on coverage of a wide variety eye exams and procedures, as well as vision-related medical devices.

Financial benefits

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PENN NATIONAL GAMING offers first-class financial benefits for employees and their family members. A first-class 401(k) plan makes sure that employees have a secure retirement, while a generous, fully paid parental leave allows expecting mothers and fathers to enjoy their child's first year. Along with paid vacations, employees can enjoy fully paid commuting as well.

• 401(K) PLAN: PENN NATIONAL GAMING does not offer 401(k) plan.
• ADOPTION ASSISTANCE REIMBURSEMENT: PENN NATIONAL GAMING has an outstanding Adoption Assistance Reimbursement program. It is one of the best available as it covers various court fees and attorney costs for team members, even if the child comes from a foreign country.
• BONUS PAY: PENN NATIONAL GAMING offers top-notch bonuses to team members who excel in their field of work, provide extraordinary results for PENN NATIONAL GAMING, and encourage others to do the same.
• CHILDCARE DISCOUNT: PENN NATIONAL GAMING does not offer childcare discount.
• COMMUTER BENEFIT: PENN NATIONAL GAMING acknowledges the fact that some team members have high commuting costs so it offers them top-notch commuter benefits which cover various commuting expenses for trains and buses, as well as parking expenses.
• DAYCARE FLEXIBLE SPENDING ACCOUNT: PENN NATIONAL GAMING offers a remarkable daycare policy for its members, with a flexible spending account which team members can use to pay for various daycare expenses for when they are at work.
• DISABILITY: PENN NATIONAL GAMING offers a superior short-term disability coverage for its team members. Through disability program, part of the employee's salary is replaced by the coverage for a limited time. This enables team members to have a financial stability during the difficult period of their lives and helps them to get back on track.
• LIFE INSURANCE: PENN NATIONAL GAMING offers an impressive life insurance program. It is one of the best in the country and offers free life insurance for team members. The policy pays up to three years worth of salary to beneficiaries. This impressive life insurance package contains dependent policies as well.
• PAID TIME OFF: PENN NATIONAL GAMING has an extraordinary vacation program for its team members with a great deal of paid vacation days. Team members can spend those days at their own pace, any time of the year. Various national and personal holidays are taken into account as well.
• PAID VOLUNTEER TIME OFF: PENN NATIONAL GAMING recognizes the importance of giving back to the community so it offers a solid volunteer time off program for its team members. Employees are encouraged to spend up to 20 working hours per year, paid by PENN NATIONAL GAMING, on volunteer work of their choice.
• PARENTAL LEAVE: PENN NATIONAL GAMING has an extraordinary parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.

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