1. (noun)policy a plan of action adopted by an individual or social group "it was a policy of retribution"; "a politician keeps changing his policies"
2. (noun)policy a line of argument rationalizing the course of action of a government "they debated the policy or impolicy of the proposed legislation"
3. (noun)policy, insurance policy, insurance written contract or certificate of insurance "you should have read the small print on your policy"