Can the Zee ansatz for neutrino masses be correct?

Working in the framework of three chiral neutrinos with Majorana masses, we investigate the possibility, first realized in an explicit model by Zee, that the neutrino mass matrix is strictly off-diagonal in the flavor basis, with all its diagonal entries precisely zero. This CP-conserving ansatz leads to two relations among the three mixing angles $(\theta_1, \theta_2, \theta_3)$ and two squared mass differences. We impose the constraint $|m_3^2 - m_2^2| \gg |m^2_2 - m_1^2|$ to conform with experiment, which requires the $\theta_i$ to lie very close to one of four 1-parameter domains. We exhibit the implications for solar and atmospheric neutrino oscillations in each of these cases. A unique version of the Zee ansatz survives confrontation with experimental data, one which necessarily involves maximal just-so vacuum oscillations of solar neutrinos.