Definitions

In this Act: (1) Specified event The term specified event means— (A) an act of terrorism; (B) an assassination; (C) a war; or (D) any event— (i) the primary underlying characteristic of which is not financial, commercial, or economic; and (ii) (I) that is an action taken by any government, unit of government, intergovernmental organization, or government official; (II) the outcome of which is under the complete control of any person; or (III) the outcome of which is known by any person in advance. (2) Wager The term wager — (A) means the staking or risking by any person of something of value upon the outcome of an event, including the outcome of any portion or aspect thereof, upon an agreement or understanding that the person or another person will receive something of value in the event of a certain outcome; and (B) does not include insurance for which the insured holds a lawful insurable interest— (i) under State law, within the meaning of the Act entitled An Act to express the intent of the Congress with reference to the regulation of the business of insurance, approved March 9, 1945 (commonly known as the McCarran-Ferguson Act; 15 U.S.C. 1011 et seq.); (ii) under foreign law, with respect— (I) to risks located outside the United States; or (II) the reinsurance of risks covered under clause (i); or (iii) under Federal law, including under— (I) the Terrorism Insurance Program established under the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note; Public Law 107–297); (II) the National Flood Insurance Program established under the National Flood Insurance Act of 1968 (42 U.S.C. 4001 et seq.); or (III) the Federal crop insurance program established under the Federal Crop Insurance Act (7 U.S.C. 1501 et seq.).