First, we should differentiate gambling from other risks and ventures. Legally, gambling is the taking of unnecessary and unproductive risk in which one agrees that on the outcome of an uncertain event he may gain or lose. Our courts have rarely had any trouble deciding whether an activity is gambling or not. Many activities involving uncertainties do not fall within the legal definition of gambling.
Insurance is designed to spread the risk of loss, reducing the possible injury to any one insured.
Betting, playing the lotto, buying lottery tickets, playing games for money, or for merchandise, and similar activities are gambling. But that does not make it right, or acceptable to God. The Bible is a book of principles. If everything that could be mentioned were mentioned by name, the Bible would be so massive that we could not live long enough to read it all. It violates a number of New Testament principles.