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

Webster's Revised Unabridged Dictionary, published 1913 by G. & C. Merriam Co.
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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.