Electric and dynamic birefringence and dielectric polarization of dilute solutions of polyphenylmethacrylic ester of cetyloxybenzoic acid in tetrachloromethane were studied. It was shown that the times of the rise in electric birefringence and its free relaxation as measured in a rectangular-pulsed field coincide with times characterizing dispersions of the constant constituent of the Kerr effect and of the dielectric polarization of solutions. Based on analysis of the relaxation characteristics, it was shown that macromolecules of the comb-shaped polymer with mesogenic groups orient in an electric field due to induced dipole moment arising from the polarization of a molecular coil. The polarization of macromolecules was found to result from the orientation of dipole moments of side polar groups of the polymer under application of an external field.