a set of ideas or a plan of what to do in particular situations that has been agreed to officially by a group of people, a business organization, a government, or a political party

They believe that Europe needs a common foreign and security policy. 他们认为欧洲需要采取共同的外交和安全政策。

What is your party's policy on immigration? 你们党关于移民的政策是什么？

a document showing an agreement you have made with an insurance company

You should check your policy to see if you're covered for flood damage. 你应该查看一下你的保险单看看是否保了洪水险。