In what capacity is an insurance agent acting if they fill out an application and promise to find the best rates for a client?

The correct answer is that the insurance agent is acting as an insurance broker. This designation is important because a broker operates on behalf of the client, not on behalf of a specific insurance company. When a broker fills out an application and promises to find the best rates for the client, they are leveraging their access to multiple insurance providers to locate the most suitable coverage options available in the market.

In contrast, an insurance agent typically represents one or more specific insurance companies and may focus on selling their products rather than seeking the best overall rates across the marketplace. The role of an insurance adjuster is to assess and determine the amount an insurance company should pay for a claim, which is unrelated to the application and rate-finding process. An insurance underwriter is responsible for evaluating the risk of insuring potential clients and determining the terms and premium of the policy; this role does not involve client-facing activities such as filling out applications for insurance.

Therefore, when an agent is actively looking out for the client's best interests in finding the best rates, they are performing the role of a broker.