law: Marine Insurance Act, 1963 
  6. Avoidance of wagering contracts 
  (1) Every contract of
  
  marine insurance by way of wagering is void.
  (2) A contract of
  
  marine insurance is deemed to be a wagering contract-
  (a) where the assured has not an insurable
  
  interest as defined by this Act, and the contract is entered into with no
  
  expectation of acquiring such an interest; or
  (b) where the policy is made "interest or
  
  no interest", or "without further proof of interest than the policy
  
  itself", or "without benefit of salvage to the insurer" , or
  
  subject to any other like term:
  Provided that, where there is
  
  no possibility of salvage, a policy may be effected without benefit of salvage
  
  to the insurer".