It appears to be a bit of validation code to make sure a user has entered a value for an item referred to as "Policy Number". It is the sort of code that gets called when submitting a form to check that the values the user has entered are valid.
In detail:
if(document.frmMain.POL_NO.value == "")
Only run this code if the item called in POL_NO the form called frmMain doesn't have a value yet.
alert("Select Policy Number");
Display a message to tell the user that they need to enter a value.
document.frmMain.ENDT_NO.value="";
Set the ENDT_NO item of frmMain to a blank value.
document.frmMain.POL_NO.focus();
Set the focus to the POL_NO item (the same as the user tabbing to it or clicking on it).
return false;
Return false to the code that called the function that this code is in. If this code is used in the event handler for the submit button on a form then returning false will stop the form from being submitted to the server until the POL_NO item has a value.