W

A gambling policy. A policy of life insurance where the person who got the policy has no pecuniary interest in the life of the insured. It is against public policy to permit speculation on human life. Thus, such policies are illegal in most states.

In insurance law. A policy without any real interest to support it; a policy in which the insured has no interest, being in fact nothing more than a wager or bet between the parties, whether such a voyage would be performed, or such a ship arrive safe. A mere hope or expectation, without some interest in the subject matter, ...