/ Dictionary / Index L limited policy: Meaning and Definition of Find definitions for: lim'ited pol'icy Pronunciation: [key] — Insurance. Insurance. a policy that covers only certain types of losses within an area of risks. Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease. limited-payment life insurance limited-slip differential Related Content Daily Word Quiz: ablution Analogy of the Day: Today’s Analogy Spelling Bee: Today’s Spelling Bee Frequently Misspelled Words Frequently Mispronounced Words Easily Confused Words Writing & Language