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4. In the case of a betting agreement, there can be no question of compensation. A fixed amount is due to the event. who does not know whether the event will occur or not, or if it will occur at an indeterminate date. As with an insurance contract, an uncertain event must occur in a betting contract. The difference is that, in the first case, the insurer faces a pre-existing risk of economic losses. Conversely, in a betting contract, as soon as a party makes a bet, it carries a risk of loss for itself if no threat existed before. 15 The most important thing is that the insured has an insurable interest. The Life Insurance Act, 16, provides a legal right of insurance coverage for life and other potential insurance, as well as Marine Act 17, which imposes a requirement for marine insurance. Insurable interest means “the risk of loss to which the insured may be exposed by the insured event.” The insured must have an insurance interest in property, life or civil liability. It is presumed that this is an economic or financial interest that is at risk if the object is not dealt with. 18 This is the essential difference between a gambling contract and an insurance contract.

Each insurance contract requires, for its validity, insurable interest, as indicated in Wilson/Jones, 19, in which the court found that the distinction between a policy and a bet is that a policy is a contract to compensate the insured for certain interest he has for the debts he was expecting. 1516 John Lowry, Insurance Law: Teachings and Principles (3. Blomsbury Publishing, 2011) 17 Life Assurance Act 1745 Marine Act 1906 1819 Mumba Malila, Commercial Law In Zambia: Cases and materials (Unza Press, 2006) Pp 40 [1867] 2 LR EXCH 139 Compensation and nothing other than compensation is obtained under an insurance policy other than the accident of life or person; it is not a gamble. The amount paid under an insurance contract represents the actual harm suffered; Whoever wins a bet has returned his bet, with a few additions. The scope of an insurance contract is that in the event of an uncertain event, the insured would attempt to mitigate or restore the situation before the consequences of the event. For Wagers, the motivation behind such agreements is different. In this regard, the parties expect them to advance their position if they had chosen the correct outcome of the uncertain future event. Wagering`s leeway is therefore to improve its position and ensure it in insurance. A betting agreement is an agreement in which two or more parties, with opposing votes against an uncertain future event that may or may not occur, agree to give a sum of money or otherwise to the winner at the end of the event. [7] Gambling, another term for wagering, requires that different elements be legal in Malta.

It also means that the Malta Gaming Authority is admitted as one of the subjects excluded from a bet. Bets of any kind, unless authorized by the competent authority, are considered criminal offences in Malta under the Lottery and Gaming Code (LOGA) [8]. [9] The Civil Code also stipulates that no civil action can be taken for a betting agreement, with the exception of certain exceptions under Section 1714. It also provides that any party that has suffered losses in the bet can remedy this situation, unless the bet is one of the exceptions mentioned above. [10] In the case of Police v. Carmelo Spiteri, the judge recognized that it was important for the insured to have interest in order for the insurance contract to be valid.