This study aims to examine and analyze the effect of independent variables in the form of, institutional ownership, free cash flow, and leverage on the dependent variable in the form of debt policy. The population in this study are insurance companies listed on the Indonesia Stock Exchange for the period 2015 to 2017. Based on the purposive sampling technique, a sample of 35 companies was obtained. The data analysis technique used is descriptive statistics and hypothesis testing in the form of multiple linear regression analysis. The test results show that the free cash flow variable does not have a negative and insignificant effect on debt policy. Institutional ownership variables do not have a positive and insignificant effect on debt policy. Leverage variables have a significant negative effect on debt policy. Free cash flow, institutional ownership and leverage are able to influence debt policy together by 29.5%.