Wager policy - definition of Wager policy by The Free Dictionary
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
Webster's Revised Unabridged Dictionary, published 1913 by G. & C. Merriam Co.
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.
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.