14. The difference between Insurance and Gambling is that : * (2 Points) Gambling is a technique for handling risk that are typically uninsurable while insurance Can reduce the objective risk Gambling creates a new pure risk while insurance handles already existing speculative risk. in addition Gambling is socially productive in contrast of Insurance Gambling creates a new speculative risk while insurance handles already existing pure risk. in addition gambling is Socially unproductive in contrast of insurance None of the above 15. which of the following statement is/are true ? 1. Degree of risk is define as uncertainty based on a person's mental condition ll. objective Risk varies inversely with the square root of the number of cases under observation inte