POLICY (Fr. police, It. polizza, from AIL.
polit inn m polet um, polet icum, polypi yeum, register, from Gk. 71)?i7:711,,r. nett. sg. of r?iii 77V xoc, polyptychos, having many folds or leaves, from 7roXiT, polys, much, many rr1.5, pip-. fold. leaf. front ptysscin. to fold ). A method of gambling. resembling the ordinary lottery in that slips, on which are printed numbers and usually sonic name or device for identification. are given out to the players, and corresponding numbers on slips are intermingled in sonic recep tacle and drawn out by a blindfolded person. The players usually make bets upon the order in which numbers in a certain sequence will appear. Although the odds given the players are very al luring, the chances of winning are actually very much against them. Usually very small bets will be received, and for this reason it is quite popular among the poorer classes, especially in great cities. Gambling in this form is prohibited in
nearly all of the United States, either under the specific name of policy, or under the more general term of lottery. The United States postal laws prohibit the mailing of advertisements or tickets Of policy shops. for this reason most estab lishments of this sort operate in a limited locality and with some attempts at secrecy. See GAM BLING; LOTTERY.
The written contract by which a person un dertakes to insure another against the happening of any event, or to pay him a certain sum upon a certain contingency. is called a policy. The policy is frequently designated by some qualify ing word, as 'tontine,' 'endowment.' or the like, according to the nature of the insurance under taken. See INSURANCE..