Well I wouldn't say it is derived from co-dominance. It can happen with simple dominant/recessive inheritance or incomplete dominance etc. It is just when there is more than one variation/phenotype of the trait in the population. 
isn't that like continuous variation though? I feel super dumb at the moment! hahahahaha where would i be without atarnotes
A polymorphic population has members that display more than one variant of a particular phenotype. However, that doesn't mean that variation in that phenotype is continuous - it could also be discontinuous. Continuous/discontinuous variation refers more to whether we can place these variants of a phenotype into distinct groups, rather than how many variants there actually are.
Human populations are polymorphic with regard to the ABO blood group. People can have blood type A, B, AB or O. Even though there are four possible phenotypes, this variation is still considered discontinuous, since each variant can be clearly distinguished from the others. You're either blood type O or you're not, you can't just have a bit of it.
Generally though, the greater the number of variants in a particular phenotype, the more likely that this variation is continuous, rather than discontinuous