The correct answer is: A. Alterations can be done by placing a suitable endorsement on the policy.
An endorsement is a document that is attached to an insurance policy to change or add to the terms of the policy. Endorsements can be used to change the insured’s name, address, or occupation; to add or remove coverage; or to change the terms of the policy, such as the deductible or the premium.
To add or remove coverage, the insured must usually provide the insurance company with a written request. The insurance company will then issue an endorsement to the policy, which will state the changes that are being made.
If the insured wants to change the terms of the policy, such as the deductible or the premium, they must usually provide the insurance company with a written request and pay an additional premium. The insurance company will then issue an endorsement to the policy, which will state the changes that are being made.
Endorsements are an important part of insurance policies. They allow the insured to make changes to their policy as needed, and they ensure that the insurance company is aware of any changes that have been made.
Option B is incorrect because it is not always necessary to cancel an existing policy and issue a new policy when making an alteration. In most cases, an endorsement can be used to make the necessary changes.
Option C is incorrect because both A and B are correct.
Option D is incorrect because A is correct.