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You might also find your answer in the LastPass Enterprise Manual.
How do I create and manage Policies?
Policies can be managed by navigating to the Enterprise Administator console and clicking the Policies Tab.
Click on the ‘create new policy’ link to create a new policy on your enterprise account. Select your inclusive or exclusive group of users, or leave blank. And fill in the 'value' and 'notes' fields where applicable. By hitting save, the policy will be activated across all enterprise users immediately.