Wager Policy [Insurance] Law and Legal Definition
Wager policy is an insurance policy which is made when the insured has no insurable interest. It is a contract purporting to be one of insurance but which does not qualify as such for want of a sufficient insurable interest.
In wager policies, the persons for whose use they issue have no pecuniary interest in the life insured. [Gambs v. Covenant Mut. Life Ins. Co., 50 Mo. 44, 47 (Mo. 1872)].
A wager policy is also called gambling policy.
