Final answer:
The agent's primary responsibility during field underwriting involves assessing risk and gathering applicant information for the insurance company to make informed decisions. They also explain policy terms and borrowing options to potential policyholders.
Step-by-step explanation:
The agent's primary responsibility during field underwriting is to assess the risk associated with insuring a potential policyholder. They are tasked with gathering relevant information about the applicant's health, lifestyle, and financial status. This information is crucial for the insurance company to determine whether to provide insurance coverage, and if so, at what premium rate.
Additionally, agents also serve as a point of contact, helping to explain the terms of the policy, the benefits, and any options for borrowing against the policy's value. They must ensure that all material facts are disclosed and understood by the applicant and provide guidance on how loans against the policy work, including the necessity to repay the loan, plus interest.