Wager policy


Also found in: Legal.
a policy that shows on the face of it that the contract it embodies is a pretended insurance, founded on an ideal risk, where the insured has no interest in anything insured.
(Insurance Law) See under Policy.

See also: Policy, wager

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References in periodicals archive ?
457, 457 (1876) ("Any person has a right to procure an insurance on his own life, and assign it to another, provided it be not done by way of cover for a wager policy."); see also Nathaniel S.
Spin-life insurance policies: a dizzying effect on human dignity and the death of life insurance
The insured's estate contended that this was an impermissible wager policy because LPC was a stranger who gambled $300,000 on the early death of the insured.
Life insurance a go go: life settlement market unsettles some, but holds sure opportunities for producers if ...: a precise overview and update on this controversial, emerging market sector, one that requires careful counsel when your "baby boomer" clients--inevitably--ask you about payout potential

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