An insurance policy issued to a person who is shown to have no insurable interest in the person or property covered by the policy.
? Wager policies are illegal in most states.
¡ª Also termed gambling policy; graveyard insurance. See insurable interest under INTEREST(2). Cf. interest policy; viatical settlement under SETTLEMENT(3). [Cases: Insurance 1784.]
What is the preferred translation of the term wager policy by Chinese lawyers?
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