Each time a change is made to a policy, the AWS version controls that change and date-stamps it, allowing you to revert to a previous version of the policy. Using the Set as default and Delete options, you can easily switch between the versions of your policy and remove any unwanted and old policies to ensure they do not get used again as an additional security measure:
This version control is very useful when testing out new policy controls as it allows you to quickly roll back should an issue occur with your new policy.