Law Dictionary of Legal Terminology

WAGER POLICY

WAGER POLICY, contracts. One made when the insured has no insurable interest.

2. It has nothing in common with insurance but the name and form. It is usually in such terms as to preclude the necessity of inquiring into the interest of the insured; as, "interest or no interest," or, "without further proof of interest than the policy."

3. Such contracts being against the policy of the law are void. 1 Marsh. Ins. 121 Park on Ins. Ind. h. t.; Wesk. Ins. h. t.; See 1 Sumn. 451; 2 Mass. 1 3 Caines, 141.