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The insurance company typically holds the authority to alter the terms of an insurance policy. This is because the insurance company is the issuer of the policy and is responsible for the overall management and regulation of the terms and conditions outlined in it. They have the necessary legal rights and resources to make adjustments, which may be dictated by changes in law, risk assessments, or company policies.

While policyholders may request changes or endorsements to their policies, such adjustments require approval from the insurance company. Agents serve as intermediaries between policyholders and the insurance company, but they do not have the authority to make changes to the policy terms themselves. Similarly, underwriters assess risk and determine the acceptability of applications for insurance, but they also do not possess the authority to change policy terms unilaterally. The power to amend policies ultimately resides with the insurance company, ensuring that any modifications align with their guidelines and regulatory requirements.