The $US17.5 ($NZ26.5) million policy, covering the first 13 shows of the 50-show run, was taken out by Jackson and concert promoter AEG Live in April.
A copy sent to The Associated Press shows that the policy had several clauses that would prevent a payout, including if the singer concealed information or acted carelessly to increase the risk of a no-show.
A law enforcement official told the AP that Jackson's doctor administered multiple sedatives along with the powerful anesthetic propofol, a potentially lethal combination, hours before the singer died June 25.