What is the role of an insurance agent?

The role of an insurance agent primarily involves acting on behalf of the insurance company. Agents are typically tasked with selling insurance products, helping clients choose coverage that suits their needs, and ensuring that the policies are compliant with regulatory standards. They also facilitate communication between the insurance company and the policyholders, which involves understanding and promoting the insurance company's products and policies effectively.

Agents have a strong relationship with the insurer and are expected to prioritize the company's interests while also being responsible for assisting clients. This means that while they work with customers to find appropriate coverage and address their needs, they are ultimately representatives of the insurance company. Their understanding of the market and the products allows them to provide valuable information to policyholders and guide them through the purchasing process.

In contrast, the other options do not accurately reflect the primary responsibilities of an insurance agent. For instance, representing policy owners exclusively focuses more on advocacy rather than the dual representation role agents play. Managing the claims process and setting premium rates involve different functions typically handled by claims adjusters and actuaries, respectively, rather than by agents.