I would like some brief info on how hole-in-one insurance policies
work, particularly how the policy in episode 2-3 of The Apprentice
would have worked, where the men tried to buy an insurance policy to
give away $1 million.

I am not sure, but I believe one such policy was paid out for the
SpaceShipOne $10 million X Prize http://msnbc.msn.com/id/6167761/.

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Request for Question Clarification by pinkfreud-ga on 04 Oct 2004 12:19 PDT

Does this discussion of indemnification insurance in New York meet your needs?

http://www.ins.state.ny.us/rg030315.htm

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Clarification of Question by burnt_toast-ga on 04 Oct 2004 22:09 PDT

Sorry, the site only offers a description of what a hole-in-one policy is. 

I am looking for info on how they work. For example, typical cost of
insurance in relation to potential payout, thanks.