policy
//ˈpɑːləsi//
Noun
policySingular
policiesPlural
1
A course or principle of action adopted or proposed by a government, party, business, or individual
The government announced a new environmental policy.
2
A contract of insurance
I need to renew my insurance policy before it expires.
3
Prudent or expedient conduct or action; wisdom in the management of affairs
It would be good policy to consult an expert before making such an important decision.