It is always better to keep privacy policy on website so that when ever google spiders your site they found it geniune and trustable..
Its always better to be safe than sorry its just not worth the hassle of loosing a valuable revenue source.
And don't ban you for violating TOS...it is REQUIRED to have a privacy policy if you take part in Adsense. (see links in sig)
I was searching for this answer on the Adsense Help but couldn't found one. I think it's okay to add both privacy policy and disclaimer to the same website. I'd like to hear if this is not the right answer. Please correct me if I'm wrong.
Yes, you should indeed! I have thousands of pages but one tip for people starting their site that will make such additions very easy is to modularize parts of your site. I suppose wordpress etc will make this easier, but if you're building your site the old fashioned way, use includes to include a standard footer for the page, this can have your contact info, terms of use, etc. When Google made the requirement of a Privacy Policy, it was very easy to include a link to a separate Privacy Policy page on that footer page and voila...all pages now have a link to the PP.