What does polarized wave mean?

Could someone please explain to me what does the word "polarized" wave means? Is it because it has peak and valley? Right now, I am reading a photonic book and they mentioned wave travelling thru a waveguide as "polarized" wave.....

also for EMC wave, when they said "orthogonal" are they talking about electric field being perpenticular to magnetic field?

Thanks,

Polarized wave?

all EM wave are composed by E and H vectors; on the plane orthogonal to the propagation direction, E and H are orthogonal the one respect the other one.
Since H is always 90° far from E, we may concentrate our attention to the E only.
With respect the horizons, E may assume any starting angle, and when EM propagate that angle may still constant (linear polarization) or may rotate (circular polarization).
As the free space may permit the simultaneously propagation of all polarization and all angles, when you try to transform free space propagation into electric signal (or vice versa) , one and only one polarization are allowed.
Two "orthogonal" polarizations (vertical + horizontal or RHCP+LHCP) are representative of the plenty of EM energy.
So here is why any antenna work with only one polarization.
Some components may be used to transmit (receive) both polarizations (OMT) but while the radiative port is unique, the opposite, wired, ports are two and separate.

An very intuitive graphical software you'll explain better than me. Into Agilent site look for "PTutor" or "Polarization Tutor"