Yes! A default cover letter will be generated for each position - but it will not automatically be tailored for each posting. So you have two options: if you'd like to edit the default cover letter template, you can do so by going to the blue side-column and clicking "Cover Letter" ( at which point a modal will pop-up where you can edit the cover letter text.

To edit/customize the cover letter for a specific job, click on the job from your ApplicationAssistant feed and when that loads, click on the clipboard icon. There you'll see things prepped for that application, including the cover letter — to preview the cover letter for that job or edit the cover letter to be even more catered, simply click on the edit hyperlink and it'll load the merged cover letter to be used for that application ( You can override the cover letter used by editing the text and saving it for that job.