GENERAL KNOWLEDGE

Detailed explanation-1: -An insurance endorsement is a change or addition to an insurance contract that alters the terms or scope of the original policy. It can be issued during your policy term, at the time of purchase, or at renewal. It’s a legally binding amendment to a contract.

Detailed explanation-2: -An endorsement is an insurance policy form that either changes or adds to the provisions included in one or more other forms used to construct the policy, such as the declarations page or the coverage form.

Detailed explanation-3: -Endorsements can be broadly classified into two, financial and non-financial. Financial endorsements are those which affect the premium, whereas non-financial endorsements are those which do not affect the premium amount.

Detailed explanation-4: -Parts of an insurance contract. Declarations-Identifies who is an insured, the insured’s address, the insuring company, what risks or property are covered, the policy limits (amount of insurance), any applicable deductibles, the policy number, the policy period, and the premium amount.