From Longman Dictionary of Contemporary Englishinsurance policyinˈsurance ˌpolicy noun (plural insurance policies) [countable] BFIa written agreement for insurance with an insurance company
Examples from the Corpus
insurance policy• A building society savings account may be held with a second competitor and an insurance policy with a third.• But as an insurance policy against litigation, Liggett positively oozes charm.• In a real sense, the balanced budget amendment is an insurance policy against a bad budget deal.• A full guarantee comes with every Beaverbrooks purchase and a year's free insurance policy with your engagement ring. 