Policy
a document containing a promise to pay a certain sum of money on the occurrence of some event. In return for this promise a sum of money is paid down, called the premium. By far the largest part of insurance business is applied to disasters at sea; to destruction of property by fire; to making provision for heirs and successors in case of death, and to loss of time and expense through accident. Marine policies are of two kinds: (1) Valued policy, one in which the goods or property insured policy, one in which the value of the are at a specified value. (2) Open goods or property is not mentioned. In England a ticket or warrant for money in the public funds. Wager policies, wagering policies; policies containing the phrase, "interest or no interest," intended to signify insurance of property when no property is on board the ship.
They are not recognized in law.