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policy

policy pol‧i‧cy [ˈpɒlsi ǁ ˈpɑː-] noun plural policies

1. [countable] also inˈsurance ˌpolicy INSURANCE a contract with an insurance company, or an official written statement giving all the details of such a contract:

• She did not realize that her policy had expired.

• If the watch is stolen, your insurance policy might reimburse only $5,000.

• Your account number is printed on the top of your policy document.

anˈnuity ˌpolicy [countable] INSURANCE

an insurance policy where in return for a payment or series of payments by the insured person, the insurer makes regular payments for a specific period of time

ˌbusiness interˈruption ˌpolicy [countable] INSURANCE

an insurance policy that protects a business against loss of profit if it is not able to continue its normal activities after an accident, fire etc

ˌbusiness ˌowner's ( inˈsurance) ˌpolicy [countable] INSURANCE

an insurance policy for small businesses, taken out to protect them against the cost of damage to their property, or against an employee harming another person or their property

ˌcash-in-ˈtransit ˌpolicy [countable] INSURANCE

an insurance policy in which the insurance company will pay if money is stolen or lost when it is being moved between two places, for example between a shop and a bank

colˌlective ˈpolicy [countable] INSURANCE

an insurance policy that exists when there is co-insurance (= more than one insurer for a particular risk )

enˈdowment ˌpolicy [countable] INSURANCE

an insurance policy where in return for a series of regular payments by the insured person, the insurer pays out a sum of money at the end of a specific period of time or when the insured person dies, if sooner:

• He took out an endowment policy ten years ago to mature when he reached the age of sixty.

ˈfire ˌpolicy [countable] INSURANCE

a policy that insures the things contained in a building used for business purposes against fire

ˌhousehold ˈpolicy [countable] INSURANCE

a policy that insures the things contained in a private house against fire, flood, storm, explosion, theft, damage by thieves, and sometimes accidental damage:

• My household policy covers me against accidentally breaking any electrical equipment.

ˌmortgage proˈtection ˌpolicy , ˈmortgage ˌpolicy [countable] INSURANCE

an insurance policy that protects you against the risk of not being able to make payments on a mortgage (= a loan to buy property ) , for example because you are ill or out of work:

• To ensure that the loan will be repaid if you should die before the term is up, it is essential to take out a mortgage protection policy.

non-ˈprofit ˌpolicy [countable] INSURANCE

another name for without-profits policy

ˌpaid-up ˈpolicy [countable] INSURANCE

a life insurance agreement in which all the premium S (= amounts paid for insurance during a particular period of time ) have been paid:

• A paid-up policy is one that is guaranteed to remain in force for your lifetime, and it guarantees that you will never owe premiums on it.

ˈprofits ˌpolicy [countable] INSURANCE

another name for with-profits policy

ˌstandard ˈfire ˌpolicy [countable] INSURANCE

1. in Britain, an insurance policy that covers the cost of damage caused by fire, a gas explosion, or Lightning (= flash of electricity from the sky )

2. in the US, the standard type of fire insurance policy used in most states

surˈvivorship ˌpolicy also surˈvivorship ˌcontract [countable] INSURANCE

an insurance agreement that is owned by more than one person, under which money will only be paid out when both have died

without-ˈprofits ˌpolicy [countable] INSURANCE

a life insurance policy in Britain in which the sum insured is fixed from the start of the contract and the policy holder has no share in the profits of the insurance company; =NON-PROFITS POLICY

with-ˈprofits ˌpolicy [countable] INSURANCE

a life insurance policy in Britain in which the policyholder is given a share of the profits of the insurance company

2. [countable, uncountable] a course of action that has been officially agreed and chosen by a political party, business, or other organization:

with-profits policy on

• A review of Britain's policy on mergers is overdue.

• It's company policy not to give interviews to the press.

• The two ministers disagreed on certain aspects of economic policy.

ˈcredit ˌpolicy [countable, uncountable] FINANCE

1. a company's policy on when its customers should pay for goods or services they have ordered:

• Reinforce your credit policy with a reputable debt collector.

2. a government's policy at a particular time on how easy or difficult it should be for people and businesses to borrow and how much it should cost. The government influences this through changes in interest rates:

• the constraints of a tight credit policy and high interest rates

dear-ˈmoney ˌpolicy [countable, uncountable] ECONOMICS

a policy in which a government reduces the amount of money being spent in an economy by raising interest rates, making it more expensive to borrow money

doˌmestic ˈpolicy [countable, uncountable]

government policy concerned with education, health, and other issues that affect its own country:

• There have been complaints about a lack of direction in domestic policy.

ˌfiscal ˈpolicy also ˌbudgetary ˈpolicy [countable, uncountable] ECONOMICS

government policy concerned with raising money, especially through taxation, and how this money is spent:

• Tax increases cannot remain the only instrument of fiscal policy.

ˌforeign ˈpolicy [countable, uncountable]

government policy concerned with the country's relations with other countries, especially in trade and defence:

• Business interests strongly affect American foreign policy.

ˈincomes ˌpolicy [countable, uncountable] ECONOMICS

government policy concerned with keeping inflation at a low level by controlling wages and prices:

• Some argue that government control of the economy must include an effective incomes policy.

ˈmonetary ˌpolicy [countable, uncountable] ECONOMICS

the way a central bank controls the amount of money in the economy at a particular time, for example by changing interest rates:

• Unless the Bank of Japan relaxes monetary policy (= makes it easier to borrow ) , the stock market is unlikely to improve.

• The program is aimed at maintaining the exchange rate against other currencies by tightening monetary policies (= making them more strict ) .

open-ˈdoor ˌpolicy [countable, uncountable]

1. COMMERCE when a country encourages businesses from other countries to invest in it and to trade with it:

• 'We are trying to follow an open-door policy,' said the finance minister.

2. HUMAN RESOURCES an official system where the top managers of a company deal with employees' complaints:

• The company has an open-door policy that allows employees to pursue complaints against their supervisor all the way to the chairman's office.

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policy UK US /ˈpɒləsi/ noun [C] (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(Cf. ↑closed-door policy), COLLECTIVE POLICY(Cf. ↑collective policy), CREDIT POLICY(Cf. ↑credit policy), DEAR-MONEY POLICY(Cf. ↑dear-money policy), DOMESTIC POLICY(Cf. ↑domestic policy), EASY MONETARY POLICY(Cf. ↑easy monetary policy), ENDOWMENT POLICY(Cf. ↑endowment policy), FIRE POLICY(Cf. ↑fire policy), FISCAL POLICY(Cf. ↑fiscal policy), FOREIGN POLICY(Cf. ↑foreign policy), HOUSEHOLD POLICY(Cf. ↑household policy), INCOMES POLICY(Cf. ↑incomes policy), MONETARY POLICY(Cf. ↑monetary policy), MORTGAGE PROTECTION POLICY(Cf. ↑mortgage protection policy), OPEN-DOOR POLICY(Cf. ↑open-door policy), PAID-UP POLICY(Cf. ↑paid-up policy), SCORCHED-EARTH POLICY(Cf. ↑scorched-earth policy), STANDARD FIRE POLICY(Cf. ↑standard fire policy), SURVIVORSHIP POLICY(Cf. ↑survivorship policy), VALUED POLICY(Cf. ↑valued policy), WITH-PROFITS(Cf. ↑with-profits), WITHOUT PROFITS(Cf. ↑without profits)

Financial and business terms. 2012.