Updated
Hello,
Please check out the below link for more information on types of Policies in a SEPM
Symantec Endpoint Protection Manager - Overview - Policies explained
http://bit.ly/oCpglV
Also you have two option to remove policies.either you can withdraw it or delete permanently
Deleting a policy
http://bit.ly/ojnEtZ
Withdrawing a policy
http://bit.ly/nxFkMu
About your question
1."when I click on the Policies tab does that apply to only the parent folder that is over the different groups or will I have to modify the policies in each group to make it apply to the groups needed"
Ans --> If policy is inherited then it would take default policy or removed inheritence and customize policy as per business requirement.
2. Can I just create the policy for the certain group I want it for so the policy wont be applied to every group uder the parent folder ?
Ans --> Yes you can.