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English definition of “policy”


noun [C]
/ˈpɒləsi/ (plural policies)
[C or U] GOVERNMENT, POLITICS, MANAGEMENT a set of ideas, or a plan of what to do in particular situations, that has been agreed officially by a group of people, a business organization, a government, or a political party: The government has finally announced its policy on the regulation of the financial services industry. The oil markets are affected by economic policy. The company policy is that most workers should retire at 60.formulate/develop/implement a policy The company has now implemented its policy of Quality Control.change of policy This move represents a change of policy on the part of the Board.
[C] (also insurance policy) INSURANCE an agreement with an insurance company that it will provide insurance for you against particular risks, or the document showing this: You should check your policy to see if you're covered for flood damage. Make sure to keep your policy document in a safe place.
→ See also closed-door policy, collective policy, credit policy, dear-money policy, domestic policy, easy monetary policy, endowment policy, fire policy, fiscal policy, foreign policy, household policy, incomes policy, monetary policy, mortgage protection policy, open-door policy, paid-up policy, scorched-earth policy, standard fire policy, survivorship policy, valued policy, with-profits, without profits
(Definition of policy from the Cambridge Business English Dictionary © Cambridge University Press)
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