Explanation:

- Option 1: True

- This option suggests that all insurance contracts are part of wagering agreements, which is not correct. Insurance contracts are risk management tools and require an insurable interest, unlike wagering agreements.

- Option 2: Partly True

- This implies some insurance contracts are wagering agreements. However, an insurable interest distinguishes insurance from wagering, making this partly incorrect.

- Option 3: False

- Insurance contracts are not wagering agreements. Insurance involves risk transfer with an insurable interest, while wagering agreements are speculative and lack insurable interest.

- Option 4: None of the above

- This option implies none fit, but option 3 is correct by distinguishing insurance from wagering.