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3 definitions found
 for Wager policy
From The Collaborative International Dictionary of English v.0.48 :

  Policy \Pol"i*cy\, n. [F. police; cf. Pr. polissia, Sp.
     p['o]lizia, It. p['o]lizza; of uncertain origin; cf. L.
     pollex thumb (as being used in pressing the seal), in LL.
     also, seal; or cf. LL. politicum, poleticum, polecticum, L.
     polyptychum, account book, register, fr. Gr. ? having many
     folds or leaves; ? many + ? fold, leaf, from ? to fold; or
     cf. LL. apodixa a receipt.]
     1. A ticket or warrant for money in the public funds.
        [1913 Webster]
  
     2. The writing or instrument in which a contract of insurance
        is embodied; an instrument in writing containing the terms
        and conditions on which one party engages to indemnify
        another against loss arising from certain hazards, perils,
        or risks to which his person or property may be exposed.
        See Insurance.
        [1913 Webster]
  
     3. A method of gambling by betting as to what numbers will be
        drawn in a lottery; as, to play policy.
        [1913 Webster]
  
     Interest policy, a policy that shows by its form that the
        assured has a real, substantial interest in the matter
        insured.
  
     Open policy, one in which the value of the goods or
        property insured is not mentioned.
  
     Policy book, a book to contain a record of insurance
        policies.
  
     Policy holder, one to whom an insurance policy has been
        granted.
  
     Policy shop, a gambling place where one may bet on the
        numbers which will be drawn in lotteries.
  
     Valued policy, one in which the value of the goods,
        property, or interest insured is specified.
  
     Wager policy, 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.
        [1913 Webster]

From The Collaborative International Dictionary of English v.0.48 :

  wager \wa"ger\ (w[=a]"j[~e]r), n. [OE. wager, wajour, OF.
     wagiere, or wageure, F. gageure. See Wage, v. t.]
     [1913 Webster]
     1. Something deposited, laid, or hazarded on the event of a
        contest or an unsettled question; a bet; a stake; a
        pledge.
        [1913 Webster]
  
              Besides these plates for horse races, the wagers may
              be as the persons please.             --Sir W.
                                                    Temple.
        [1913 Webster]
  
              If any atheist can stake his soul for a wager
              against such an inexhaustible disproportion, let him
              never hereafter accuse others of credulity.
                                                    --Bentley.
        [1913 Webster]
  
     2. (Law) A contract by which two parties or more agree that a
        certain sum of money, or other thing, shall be paid or
        delivered to one of them, on the happening or not
        happening of an uncertain event. --Bouvier.
        [1913 Webster]
  
     Note: At common law a wager is considered as a legal contract
           which the courts must enforce unless it be on a subject
           contrary to public policy, or immoral, or tending to
           the detriment of the public, or affecting the interest,
           feelings, or character of a third person. In many of
           the United States an action can not be sustained upon
           any wager or bet. --Chitty. --Bouvier.
           [1913 Webster]
  
     3. That on which bets are laid; the subject of a bet.
        [1913 Webster]
  
     Wager of battel, or Wager of battle (O. Eng. Law), the
        giving of gage, or pledge, for trying a cause by single
        combat, formerly allowed in military, criminal, and civil
        causes. In writs of right, where the trial was by
        champions, the tenant produced his champion, who, by
        throwing down his glove as a gage, thus waged, or
        stipulated, battle with the champion of the demandant,
        who, by taking up the glove, accepted the challenge. The
        wager of battel, which has been long in disuse, was
        abolished in England in 1819, by a statute passed in
        consequence of a defendant's having waged his battle in a
        case which arose about that period. See Battel.
  
     Wager of law (Law), the giving of gage, or sureties, by a
        defendant in an action of debt, that at a certain day
        assigned he would take a law, or oath, in open court, that
        he did not owe the debt, and at the same time bring with
        him eleven neighbors (called compurgators), who should
        avow upon their oaths that they believed in their
        consciences that he spoke the truth.
  
     Wager policy. (Insurance Law) See under Policy.
  
     Wagering contract or gambling contract. A contract which
        is of the nature of wager. Contracts of this nature
        include various common forms of valid commercial
        contracts, as contracts of insurance, contracts dealing in
        futures, options, etc. Other wagering contracts and bets
        are now generally made illegal by statute against betting
        and gambling, and wagering has in many cases been made a
        criminal offence. [Webster 1913 Suppl.]
        [1913 Webster]

From Bouvier's Law Dictionary, Revised 6th Ed (1856) :

  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. 
  
  

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