Can a combination of a Fact and Dimensions constitute a inferred conformed dimension?

We have one policy fact and 5 dimensions surrounding it, linking all these will always produce a query result where the granularity is one row per policy. Can we use this 'Inferred Policy dimension' as a conformed dimension to link other subject areas? lets say claim subject area which will have policy FK's in it?

You could, but it is not a dimensional model. The table you describe is, in dimensional terms, a fact-less fact, not a dimension. Fact tables need to stand on their own. You would propagate the foreign keys in that fact to other facts during the load process.