policy¹ /polˈi-si/

1. A course of action, esp one based on some declared or respected principle
2. A system of administration guided more by interest than by principle
3. The art of government
4. Statecraft
5. Dexterity of management
6. A constitution (obsolete)
7. Prudence
8. Cunning
9. In Scotland (sometimes in pl), the pleasure-grounds around a mansion

policy² /polˈi-si/

1. A document containing a contract of insurance
2. A kind of gambling by betting on the numbers to be drawn in a lottery (US)

polˈicyholder noun

A person who holds a contract of insurance

polˈicy-shop noun

A place where the game of policy is played

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