We study the response of a spherical colloid under alternating electric fields (AC fields) by mesoscopic simulation method, accounting in full for hydrodynamic and electrostatic interactions. We focus on a special case of uncharged colloids. The main polarization mechanism is the "volume polarization", where ionic currents are deflected by the core of the uncharged colloid. Specifically, we compute the polarizability of a single colloid and systematically investigate the effect of AC field frequency and salt concentration. The simulation results are compared with predictions from classical Maxwell-Wagner theory and electrokinetic theory.