What is a common responsibility of an insurance administrator?

An insurance administrator plays a vital role in the day-to-day operations of an insurance company, and one of their common responsibilities is adjusting or settling claims. This task involves reviewing claims submitted by policyholders, determining the validity of those claims, and ensuring that any payouts or adjustments align with the terms of the insurance policy. The administrator ensures that the claims process runs smoothly, maintaining communication with both the insured parties and the company's representatives.

In the context of the other options, setting insurance premiums is typically a function carried out by actuaries or underwriters who analyze risk factors to determine pricing. Writing insurance policies is generally the responsibility of underwriters who assess applications and decide on terms of coverage. Auditing financial statements falls within the purview of accountants or financial auditors, who evaluate the financial health of the company and ensure compliance with regulations. Therefore, adjusting or settling claims distinctly represents a core duty of insurance administrators, making it the correct answer in this context.