Electric and dynamic birefringence and dielectric polarization of dilute solutions of polyphenyl-methacrylic ester of cetyl oxybenzoic acid in tetrachloromethane were studied. It was shown that the times of a 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 the analysis of relaxation characteristics, it was shown that macromolecules of the comb-shaped polymer with mesogenic groups orient in the electric field due to induced dipole moment arising from polarization of a molecular coil. The polarization of macromolecules was found to result from orientation of dipole moments of side polar groups of the polymer under application of the external field.