insurance policynoun [ C ]
uk/ɪnˈʃɔː.rəns ˌpɒl.ə.si/us/ɪnˈʃɔːr.əns ˌpɑː.lə.si/a written agreement for insurance between an insurance company and a person who wants insurance:
I took out a travel insurance policy before I boarded the plane.
figurative There's one particular job I'm after but I'm applying for several others as an insurance policy (= because I might not get the job I want).