What is Policy:
The policy is a document with which certain insurance contracts are formalized or the accounting operations of a person or company are recorded.
The word, as such, comes from the Italian police, which in turn comes from the Byzantine Greek πόδειξις (apodeixis), which means 'proof' or 'proof'.
A policy can also be a stamp, more specifically it refers to the one that the Spanish State uses to attach to certain official documents (such as certificates and instances), in order to satisfy the stamp tax that is required in them.
As an insurance policy, the legal document that serves as an instrument to certify the benefits that an insured person accesses when paying a premium for insurance coverage is known.
In the insurance policy, the terms are set by which the insurance agency is obliged to compensate for damage and pay financial compensation to a person upon verification of an eventuality provided for in the contract.
There are different types of insurance policy: fire, collision, accident, theft, transportation, illness, life, travel, etc.
In accounting, an accounting policy is called any document in which all the accounting operations of a person or company are registered. They can be of different types: daily, expenses or income.
The daily policy is one in which the movements or operations of a company are recorded that, although they affect its economy, do not imply movement (in or out) of money.
The expense policy is one that is used to record payment operations or money outflows from a company. It should be noted, however, that in the event of an outflow of money in the form of a check, the policy in question will be called a check policy.
Income policies are all those that contain the records of the money that enters the company, either in cash, by check or transfer.