diff --git a/lib/pundit/authorization.rb b/lib/pundit/authorization.rb
index 5d02c92c..08b3f115 100644
--- a/lib/pundit/authorization.rb
+++ b/lib/pundit/authorization.rb
@@ -106,9 +106,9 @@ def policy_scope(scope, policy_scope_class: nil)
     #
     # @see https://github.com/varvet/pundit#policies
     # @param record [Object] the object we're retrieving the policy for
-    # @return [Object, nil] instance of policy class with query methods
+    # @return [Object] instance of policy class with query methods
     def policy(record)
-      policies[record] ||= pundit.policy!(record)
+      pundit.policy!(record)
     end
 
     # Retrieves a set of permitted attributes from the policy by instantiating
diff --git a/lib/pundit/context.rb b/lib/pundit/context.rb
index a3387490..732be8d9 100644
--- a/lib/pundit/context.rb
+++ b/lib/pundit/context.rb
@@ -27,9 +27,7 @@ def authorize(possibly_namespaced_record, query:, policy_class:)
       policy = if policy_class
         policy_class.new(user, record)
       else
-        policy_cache.fetch(possibly_namespaced_record) do
-          policy!(possibly_namespaced_record)
-        end
+        policy!(possibly_namespaced_record)
       end
 
       raise NotAuthorizedError, query: query, record: record, policy: policy unless policy.public_send(query)
@@ -86,10 +84,7 @@ def policy_scope!(scope)
     # @raise [InvalidConstructorError] if the policy constructor called incorrectly
     # @return [Object, nil] instance of policy class with query methods
     def policy(record)
-      policy = policy_finder(record).policy
-      policy&.new(user, pundit_model(record))
-    rescue ArgumentError
-      raise InvalidConstructorError, "Invalid #<#{policy}> constructor is called"
+      cached_policy(record, &:policy)
     end
 
     # Retrieves the policy for the given record. Raises if not found.
@@ -101,14 +96,24 @@ def policy(record)
     # @raise [InvalidConstructorError] if the policy constructor called incorrectly
     # @return [Object] instance of policy class with query methods
     def policy!(record)
-      policy = policy_finder(record).policy!
-      policy.new(user, pundit_model(record))
-    rescue ArgumentError
-      raise InvalidConstructorError, "Invalid #<#{policy}> constructor is called"
+      cached_policy(record, &:policy!)
     end
 
     private
 
+    def cached_policy(record)
+      policy_cache.fetch(record) do
+        policy = yield policy_finder(record)
+        next unless policy
+
+        begin
+          policy.new(user, pundit_model(record))
+        rescue ArgumentError
+          raise InvalidConstructorError, "Invalid #<#{policy}> constructor is called"
+        end
+      end
+    end
+
     def policy_finder(record)
       PolicyFinder.new(record)
     end