Originally Posted by
Often1
It's not a US "policy". It is US law. DOT requires all US carriers and all carriers on tickets to/from the US to offer either a 24-hour fee free cancellation or a 24-hour hold on tickets purchased 7+ days out.
Since you want to play semantics, it actually is a policy. The law requires an either/or and the choice to offer a cancellation rather than hold is a policy decision by the individual carriers.