Policy \Pol"i*cy\, n. [F. police; cf. Pr. polissia, Sp.
   p['o]lizia, It. p['o]lizza; of uncertain origin; cf. L.
   pollex thumb (as being used in pressing the seal), in LL.
   also, seal; or cf. LL. politicum, poleticum, polecticum, L.
   polyptychum, account book, register, fr. Gr. ? having many
   folds or leaves; ? many + ? fold, leaf, from ? to fold; or
   cf. LL. apodixa a receipt.]
   1. A ticket or warrant for money in the public funds.
      [1913 Webster]

   2. The writing or instrument in which a contract of insurance
      is embodied; an instrument in writing containing the terms
      and conditions on which one party engages to indemnify
      another against loss arising from certain hazards, perils,
      or risks to which his person or property may be exposed.
      See Insurance.
      [1913 Webster]

   3. A method of gambling by betting as to what numbers will be
      drawn in a lottery; as, to play policy.
      [1913 Webster]

   Interest policy, a policy that shows by its form that the
      assured has a real, substantial interest in the matter
      insured.

   Open policy, one in which the value of the goods or
      property insured is not mentioned.

   Policy book, a book to contain a record of insurance
      policies.

   Policy holder, one to whom an insurance policy has been
      granted.

   Policy shop, a gambling place where one may bet on the
      numbers which will be drawn in lotteries.

   Valued policy, one in which the value of the goods,
      property, or interest insured is specified.

   Wager policy, a policy that shows on the face of it that
      the contract it embodies is a pretended insurance, founded
      on an ideal risk, where the insured has no interest in
      anything insured.
      [1913 Webster]

Valued policy \Val"ued pol"i*cy\ (Fire Insurance)
   A policy in which the value of the goods, property, or
   interest insured is specified; -- opposed to open policy.
   [Webster 1913 Suppl.]