Definition: The word "insurance endorsement" refers to a legal document that specifies that certain aspects of an insurance policy are covered under the policyholder's policy, rather than being covered by their own policies. A formal insurance endorsement is generally made by an attorney or a broker who represents an insured and has been approved by their insurance company. The endorsement may be in writing form, but it can also include a handwritten version that is signed by the named party (the insured) and the policyholder (the beneficiary). An endorsement typically covers aspects of the policy such as deductibles, coinsurance, exclusions, limits, or certain conditions of coverage. It does not guarantee that all risks will be covered under the policy, but it may help to clarify what is covered and what is not. The terms "insurance claim" and "claims made" are sometimes used interchangeably when referring to insurance policies. However, they refer to different things entirely: an insurance claim refers to a specific event or incident that occurred during the policy's validity, while claims made can be for any variety of reasons (such as changes in circumstances) and may cover more than just one event. In summary, an insurance endorsement is a legal document that specifies the coverage under an insurance policy and helps to clarify what risks are covered.
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