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Insurance vocabulary · Policies & Contracts

Endorsement

Meaning in insurance, with examples

/ɪnˈdɔːrsmənt/nounCommon term

In insurance, endorsement means: A written change added to an existing policy, for example to add a driver, change an address or increase the sum insured.

In Turkish: zeyilname, zeyil, poliçe değişikliği

How it is used

Daily work for agents and policy administration teams. Endorsements are issued during the policy period and may create an additional or return premium. British speakers may also say 'amendment'.

Example sentences

  1. We'll issue an endorsement to add your son as a driver from Monday.

  2. The endorsement increased the sum insured and generated an additional premium of 1,200 lira.

Common collocations

  • issue an endorsement
  • policy endorsement
  • endorsement premium
  • add an endorsement
  • policyThe written contract between an insurance company and a customer that sets out what is covered, for how long, for how much and on what conditions.
  • policy scheduleThe page or section of a policy that lists its specific details: the policyholder, what is insured, sums insured, limits, deductibles, premium and dates.
  • riderAn optional extra added to a basic policy, especially in life and health insurance, that gives additional cover for an extra premium.
  • sum insuredThe maximum amount an insurance company will pay under a policy, usually based on the value of the property or the amount chosen for a life policy.

This word in other fields

The same English word can have a different meaning in another field:

More terms: Policies & Contracts

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This page explains English vocabulary for learners. It is not financial advice.