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| Open policy | 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] |
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