How to Delete Access Policy in OIM

The general instructions for removing an Access Policy from a group can be found in the Admin and User Console Guide, Chapter 10 Creating and Managing User Groups. A link to that chapter in the 9.1 version is below:
http://download.oracle.com/docs/cd/E10391_01/doc.910/e10360/usergroups.htm#BACCGCGB

This would remove the policy from the group, but not specifically delete the actual policy itself from the Oracle Identity Manager (OIM) server. There is the existing Enhancement Request Bug 5179943 for providing that complete delete feature and it has been approved for inclusion into the future release of OIM (11g version).