What you are talking about is Virtual Switch policies, where you will find Security, Traffic Shaping & NIC Teaming polices which are going to be appearing same for all three things listed bellow.
Virtual Switch - Default Policies
VM Network (Virtual Machine Port Group) - Effective Policies
Management Network (VMKernel Port for Management) - Effective Policies
So understand it this way,
if you set Security Policy - Promiscuous Mode: Accept at Virtual Switch level. (In short, you are setting Default policy, so that all the ports/port groups on this switch would inherit that setting)
in this case you will find VM Network & Management Network also set with Promiscuous Mode:Accept
but than if you want to override this at VM Network port group level to Reject, it can be done which becomes Effective Policy.
now if you take above example, it goes exactly same way with all three policies (Security, Traffic Shaping & NIC Teaming)
hope this helps.
Narendra Padmani
VCIX6-DCV | VCIX7-CMA | VCI | TOGAF 9 Certified