What is a change made to an insurance policy after it has been issued called?

The correct answer is an endorsement. An endorsement is a formal modification or addition to an insurance policy that alters its terms, coverage, or conditions after the policy has already been issued. This allows policyholders to customize their coverage or accommodate changing circumstances, such as adding a new insured party or adjusting coverage limits.

Endorsements serve to clarify, change, or add provisions in the original policy without needing to rewrite the entire document. They are essential in ensuring that the insurance policy reflects the current needs and conditions of both the insurer and the insured.

The other options do not accurately represent this concept. An exclusion typically refers to specific conditions or circumstances that are not covered by the policy. A restriction is more general and does not specifically denote a formal amendment to a policy. A rider can sometimes be used interchangeably with an endorsement, but it usually pertains to life insurance and may have a more specific connotation, typically addressing additional benefits rather than standard updates to policy details.