You might also find your answer in the LastPass Enterprise Manual.
What are Policies?
Policies are a way for Enterprise Administrators to control certain system wide or individual settings for their Enterprise users. LastPass offers a number of configurable policies around security levels and password strength. Each policy can be applied to all users, or an inclusive or exclusive list of users. For example, you might elect to implement a policy that will prohibit the general workforce from exporting data, while your senior executives are exempt.