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The general principles by which a government is guided in its management of public affairs, or the legislature in its measures. A general term used to describe all contracts of insurance.

As applied to a law, ordinance, or Rule of Law, the general purpose or tendency considered as directed to the welfare or prosperity of the state or community.

POLICY, PUBLIC. By public policy is meant that which the law encourages for the promotion of the public good.
     2. That which is against public policy is generally unlawful. For example, to restrain an individual from marrying, or from engaging in business, when the restraint is general, in the first case, to all persons, and, in the second, to all trades, business, or occupations. But if the restraint be only partial, as that Titius shall not marry Moevia, or that Caius shall not engage in a particular trade in a particular town or, place, the restraint is not against public policy,, and therefore valid. 1 Story, Eq. Jur. Sec. 274. See Newl. Contr. 472.

References in periodicals archive ?
The policy year dummy variables reflect considerable variation in total and indemnity claim rates.
TABLE 1: TELLING THE STORY LEVEL PREMIUM SCENARIOS (decreasing net income) 100% Current 90% Current 80% Current Scale Scale Scale Total * annual $24,800 $22,400 $20,200 withdrawal or ($12,800 income ($10,400 income ($8,200 income loan, starting +$12,000 +$12,000 +$12,000 policy year 21 premium) premium) premium) 70% Current Scale Total * annual $18,000 withdrawal or ($6,000 income loan, starting +$12,000 policy year 21 premium) * "Total" covers premium and income Source: Robert P.
If PPACA takes effect on schedule and works as drafters expect, a health insurer or a self-insured group health plan will have to pay the government a $2 PCORI fee per covered life for each policy year ending on or after Oct.
Since the start of this policy year on June 1, three countries have joined the facility - the Virgin Islands, Montserrat and Sint Maarten.
Bonus compensation usually begins after the fifth policy year for universal life products, or after the surrender charge period expires for annuities.
Montemayor's order also eliminates "stacking" of claims within the same policy year, where homeowners collect more than 100% of their policy limits by filing several claims.
The Millennium Series allows a partial or full exchange of its face value into a Guardian whole life policy up to age 70 or the second policy year, whichever is later.

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