What authority do licensed agents in Virginia have regarding applications?

Licensed agents in Virginia have the authority to solicit, receive, and forward applications to the insurer. This means that agents play a crucial role in the application process by actively engaging with potential clients, helping them fill out applications, and ensuring that these applications are submitted to the appropriate insurance company for consideration.

This authority is significant because it allows agents to facilitate the insurance purchasing process and act as intermediaries between clients and insurers. They utilize their knowledge of the insurance market and particular products to assist applicants in selecting the right policies for their needs, ensuring that all necessary information is included for the insurer's evaluation.

The other choices do not accurately reflect the regulations governing agents in Virginia. For instance, agents cannot approve applications on their own, as that authority lies with the insurance company that underwrites the policy. Additionally, they are not restricted to processing applications only for existing clients; they can also solicit new clients. Discounting premiums also falls outside the typical authority of an agent, as rate-setting is determined by the insurer based on risk factors and company policy. Therefore, the role of agents is primarily focused on application processing rather than making underwriting decisions or altering premium costs independently.