A policy is a written agreement or contract between an insurance company and a policyholder. It outlines the terms and conditions of the insurance coverage provided by the company. 

It is an insurance contract that contains the details of agreement, such as coverage limits, premiums, deductibles, and exclusions. Policyholders acquire policies to protect themselves or their assets from potential financial losses.

Policy conditions refer to the specific terms and provisions outlined. These conditions define the rights and responsibilities of the policyholder and the company. They may include requirements for premium payments, coverage limits, claims procedures, and exclusions or limitations on coverage. Policyholders should carefully review the policy conditions to understand their rights and obligations under the insurance contract.