Explanation:

- Wagering agreements are based on the occurrence of an uncertain event without any insurable interest. They're akin to betting, where parties hope for a financial benefit from an event on which they have no substantial interest.

- Insurance contracts, however, require an insurable interest and aim to indemnify against actual loss.

- Option 1: True - This would imply that all insurance contracts are wagering, which is incorrect.

- Option 2: Partly True - Suggests a partial truth; however, insurance requires insurable interest, making it fundamentally different from a wager.

- Option 3: False - Correct, as insurance and wagering contracts have different legal standings and purposes.

- Option 4: None of the above - This is not applicable since Option 3 is clearly correct.