When changes are made to an existing insurance policy, what document does the insurer issue?

When changes are made to an existing insurance policy, an endorsement is the document that the insurer issues to modify the terms of the original policy. Endorsements can add, remove, or alter coverage, and they are a formal part of the policy that allows for flexibility in meeting the insured's changing needs without requiring a completely new contract.

Endorsements are particularly important because they maintain the continuity of the policy while addressing specific changes requested or needed by the policyholder. This can include adjustments in coverage limits, premium changes, or the addition of new coverage types to suit the evolving situation of the insured.

While the declaration page summarizes the policy terms and coverage as of the time the policy was issued, it does not reflect changes made after the policy is in force. A new policy would be necessary if there were significant changes requiring a complete re-evaluation of the risk, but endorsements allow for simpler modifications without starting from scratch. A memorandum, while it could serve as a record of communication, does not hold the formal weight or binding nature of an endorsement in the context of insurance policy modifications.