what is Policy ?

Question

If you can

Answer 1

(m)

A policy is a plan of action to guide decisions and actions. The term may apply to government, private sector organizations and groups, and individuals. The policy process includes the identification of different alternatives, such as programs or spending priorities, and choosing among them on the basis of the impact they will have. Policies in short can be understood as political, management, financial, and administrative mechanisms arranged to reach explicit goals.

In politology the policy cycle is the "life" of how a policy is created and ended. It includes the following stages:

Agenda setting
Policy formation
Decision-making
Policy implementation
Policy evaluation (continue or terminate)

Answer 2

Since you are asking this under the heading of insurance I assume you are asking about an insurance policy.
An insurance policy is the contract between the insurance company and the insured. It spells out all of the terms that both parties have to conform to in order to keep the policy valid and in force.
It will cover who is insured and for what and for how much and for what length of time. It will spell out exclusions that will be in force that will allow the company to avoid paying. It covers the costs and how the costs are to be paid and when and it will disclose how much of the money the insured is paying that will go to the salesman and the insurance company.

Answer 3

an example of a financial policy

Answer 4

a policy is a contract.