policy

noun

1
a plan of action adopted by an individual or social group
it was a policy of retribution
a politician keeps changing his policies
2
written contract or certificate of insurance
you should have read the small print on your policy
3
a line of argument rationalizing the course of action of a government
they debated the policy or impolicy of the proposed legislation

Also useful for “policy”:Unscrambler— Rearrange the letters in “policy”