Field underwriting performed by the producer primarily involves gathering necessary information to evaluate the risk associated with insuring a potential client. Completing the application and collecting the initial premium are critical components of this process. The producer plays a vital role in ensuring that the application is filled out accurately and thoroughly, which includes asking the applicant relevant health and lifestyle questions. This information is essential for the insurer to assess the risk and determine the insurability of the applicant.
By collecting the initial premium, the producer also secures the first step in the policy initiation process, ensuring that coverage can begin once the application is approved. This aspect of field underwriting helps streamline the policy issuance process and offers the insurer an immediate financial commitment from the applicant, which is an important part of securing the risk that the insurer is taking on.
Overall, field underwriting is about verifying information and ensuring that the insurer has a complete understanding of the applicant's risk profile, making option B the correct response.