A DMARC policy is an extra security layer for your outbound email messages that tell the recipient's email server what to do with the message if it fails those security checks. It can also be configured to send you reports about your mailings. The policy has three different configuration options - none, quarantine, and reject.
A policy of none means that email servers should treat email that fails DMARC checks as if it did not have DMARC configured, but you can still take advantage of DMARC's reporting features.
A policy of "quarantine" means that email servers should put emails in the spam folder that don't pass DMARC checks.
A policy of "reject" means that email servers should bounce emails that don't pass DMARC checks — the recipient won't even have the opportunity to see the message.
Most companies use DMARC to add extra security to their email communications when they have concerns that their official email communications might be spoofed by hackers — the banking industry uses DMARC to protect their customers from phishing emails pretending to be the bank.
More information can be found here:
https://help.activecampaign.com/hc/en-us/articles/360010810180-Troubleshooting-failed-email-delivery-from-DMARC