Here is the start up sequence (all web agents of any version)
1: Read in/load in WebAgent.Conf
2: Read in/load listed SMHost.conf
3: Connect to the policy servers in SMHost.conf
4: Get HCO from Policy Servers
5: Reset connections to HCO settings
6: Get ACO
7: Check for local configuration and ability to load that in
8: Finish initializing.
If multiple are listed, depending on the failover and cluster settings, you can try multiple policy servers at once, and take it from the first to return the information.