Which component of an insurance policy allows for changes to be made in coverage?

The component of an insurance policy that allows for changes to be made in coverage is the endorsement. An endorsement is a written document attached to an insurance policy that modifies its terms and conditions. It can expand or restrict coverage, add or remove insured parties, or adjust policy limits. This flexibility is important for policyholders who may need to tailor their insurance to better fit their specific needs or circumstances.

In contrast, other components like the cancellation clause primarily address the conditions under which a policy may be terminated, while waivers often relate to relinquishing a right or claim. Exclusions specify circumstances or perils not covered by the insurance policy. Thus, endorsements are the only option that directly relates to making adjustments in the scope of coverage.