In reference to single phase induction motors.

No, more to it then just reversing polarity. You are thinking of the wrong principle. This would not happen with a single phase, maybe three phase electric motor. Why do you ask ?

Tick

No, it shouldn't, but depending on what you are trying to run on reverse polarity you could get a nasty shock from the motor/appliance, etc. some things are only made to be ran polarized.

Although there is AC polarity, it changes 60 times a second. Only DC has true polarity. You may be able to reverse the motor if it says reversible and has a diagram on the end plate. However, a polarized plug is specifically designed to be wired with the large prong on neutral.