policy-n; 3 Senses

Sense Number 1: a plan of action, approach

Commentary: POLICY[+entity][+abstract][+strategy][+program] An adopted plan of action

Foreign policy is a strategy governing international relations.
The schools have adopted a zero-tolerance policy towards drugs.
It was a policy of retribution.
He thought it good policy to take the advice of his superiors.

WordNet 3.0 Sense Numbers: 1

Sense Number 2: Insurance policy

Commentary: POLICY[+entity][+artifact][+document][+legal][+insurance][+life/+home/+health/+auto] Written contract or certificate of insurance

You should have read the small print on your homeowner's policy.
I've never missed an insurance policy payment.
We put our insurance policies in the safe deposit box.

WordNet 3.0 Sense Numbers: 3

Sense Number 3: an illegal lottery or numbers game

Commentary: POLICY[+activity][+gambling][+lottery]

The gangster ran several policies on the south side of Chicago.
The kid lost a lot of money playing a policy in the back of the pool hall.

WordNet 0.0 Sense Numbers: 2-2