Final answer:
Any changes made on an insurance application require the initials of both the applicant, or policyholder, and the insurance agent. This is to ensure mutual acknowledgment and consent of the modifications made to the application. The correct answer is d) Both the applicant and the agent.
Step-by-step explanation:
When changes are made on an insurance application, it is typically required for both the applicant (the policyholder) and the insurance agent to initial next to the changes to indicate that they acknowledge and consent to the modifications. This procedure ensures that there is mutual agreement on the alterations made to the application and that both parties are aware of the changes.
The underwriter, who is responsible for assessing risk and deciding on the terms of the policy, may review these changes but does not typically initial the application themselves. Each insurance company may have their own policies regarding the process, so it's always best to check with the specific insurer.