What is the definition of Endorsement?
An Endorsement, which is also called rider, is an addition or amendment to an insurance policy. It changes the extent of the coverage of the policy, its terms or conditions. The changes to the policy may be considerable or may be small. However, the endorsement is added so that the policy owner does not have to rewrite the policy entirely.
For example, a homeowners' insurance policy covers a standard set of risks. A policyowner can decide to add earthquake coverage and add this as an endorsement to the policy. It is assumed that the earthquake insurance is part of the policy's coverage.
Because an endorsement usually covers an additional risk or provides an additional benefit to the policy owner, premiums are charged for endorsements.
For health insurance policies, riders may also add exclusions to the coverage, particularly in cases where the insured person is discovered to have a preexisting health condition.
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- Endowment Insurance
- Environmental Impairment Liability Coverage
- Equity
- Equity Indexed Annuity
- Errors and Omissions Coverage (E&O)
- Escrow Account
- Excess and Surplus Lines
- Excess of Loss Reinsurance
- Exclusion
- Exclusive Agent
- Employment Practices Liability Coverage
- Employer’s Liability
- Employee Retirement Income Security Act (ERISA)
- Employee Dishonesty Coverage
- Elimination Period
- Electronic Commerce / E-Commerce
- Economic Loss
- Earthquake Insurance
- Earned Premium
- Early Warning System