IPA: /pəˈlɪsəmi/
KK: /pɑˈlɪsəmi/
The quality of a word or phrase having more than one meaning or interpretation.
The word 'bank' is an example of polysemy because it can refer to a financial institution or the side of a river.
Polysemy → It is formed from "poly-" (from Greek "polus", meaning many) and "semēion" (from Greek, meaning sign or meaning). The word "polysemy" refers to the phenomenon where a single word has multiple meanings or signs.
Think of 'many' ('poly-') meanings or 'signs' ('semēion') that a single word can have — that's what polysemy is all about.