American Dictionary of the English Language

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WAGERING, participle present tense Laying; betting.

WAGERING policy, in commerce, a policy of insurance, insuring a sum of money when no property is at hazard; as a policy to insure money on a ship when no property is on board; that is, insurance, interest or no interest; or a wagering policy may be a policy to insure property that is already insured. Such policies in England, are by Statute 19 Geo. 3. made null and void.