Legal Definition and Related Resources of Wagering Policy

A policy of insurance in which the insurer has no insurable interest. A contract of insurance in which the owner of the policy has no beneficial interest in the subject matter of the insurance is a speculative or wagering contract and in which such person has an interest only in the loss or destruction of the property, Westfall v American States Ins. Co., 334 N.E.2d. 523, 43 Ohio App.2d. 176; and where it is a policy of life insurance, the person to be benefited by the policy is interested in the death, rather than the life of the insured. Geisler v Mutual Ben. Health and Acc. Assoc., 163 Kan. 518, 183 P.2d. 853.

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Wagering Policy in Historical Law

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