Definition Of policy
a contract of insurance.
they took out a joint policy
a course or principle of action adopted or proposed by a government, party, business, or individual.
the administration's controversial economic policies
an illegal lottery or numbers game.
Example Of policy
a course of policy and wisdom
A valued policy is a policy which specifies the agreed value of the subject matter insured.
As a whole this group has failed to propose an active policy for the working class.
Bear in mind that the MVA is only applied if money is taken out of the fund - if the policy is cashed in.