Wager policy
Black's Law Dictionary · Henry Campbell Black, M.A. · 1910
Black's Law Dictionary
An insurance upon a subj'ect-matter in which the party assured has no real, valuable, or insurable interest. A mere wager policy is that in which the party assured has no interest in the thing assured, and could sustain no possible loss by the event insured against, if he had not made such wager.
Sawyer v. Insurance Co., 37 Wis. 539; Embler v. Insurance Co., 8 App. Div. 186, 40 N. Y. Supp. 450; Amory v. Gilman, 2 Mass. 1; Gambs v. Insurance Co., 50 Mo. 47.