Google On Blocking Disclaimer and Privacy Policy Pages
Briefly

"It makes no sense to block" privacy, disclaimers, or other legal types of pages from your site. They don't cause a 'duplicate content issue'... IMO it makes no sense to block them, but it's also not a big enough deal to freak people out about."
Many new site owners worry about indexing their disclaimer or privacy policy pages, fearing it might lead to 'duplicate content' issues affecting their Google AdSense approval... John Mueller reassures that these concerns are largely unfounded.
Read at Search Engine Roundtable
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