A contract of insurance, describing the term, coverage, premiums and deductibles. also called insurance policy.

Use policy in a sentence

You should try and follow every policy set forth by your boss so that you do not do anything to upset them.

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They had a strict policy against chewing gum inside and I made sure no one noticed when I started doing it.

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After my company's factory was damaged in an earthquake, our CEO was shocked to learn that the terms of our insurance policy showed that we did not have insurance coverage for earthquake damage.

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termination discount rate