Insurance companies utilize all of the following documents for contract changes except one. Identify the exception.

Insurance companies utilize all of the following documents for contract changes except one. Identify the exception.

• A. Rider
• B. Telephone change log
• C. Endorsement
• D. Floater

Answer: (B)

In the context of insurance policies, a telephone change log typically records verbal communications and requests for changes but is not an official document used to modify or amend a contract. While it may be useful for internal record-keeping or to verify that a discussion took place, it does not serve as a formal mechanism for implementing changes to an insurance contract. In contrast, a rider is an amendment that modifies the coverage of an existing policy, while an endorsement serves a similar purpose by adding, deleting, or altering coverage features. A floater is a type of policy that provides coverage for specific property items that are not limited to a specific location, but it is also a recognized document within the insurance framework. Hence, the only option that does not directly facilitate formal changes to a policy contract is the telephone change log.

In the context of insurance policies, a telephone change log typically records verbal communications and requests for changes but is not an official document used to modify or amend a contract. While it may be useful for internal record-keeping or to verify that a discussion took place, it does not serve as a formal mechanism for implementing changes to an insurance contract.

In contrast, a rider is an amendment that modifies the coverage of an existing policy, while an endorsement serves a similar purpose by adding, deleting, or altering coverage features. A floater is a type of policy that provides coverage for specific property items that are not limited to a specific location, but it is also a recognized document within the insurance framework. Hence, the only option that does not directly facilitate formal changes to a policy contract is the telephone change log.