We had issues with policies not working with McAfee Drive encryption and Agent 5.0.2. This was fixed with agent 126.96.36.1992. Have you tried this newer agent version?
As far as I know, I'm using the latest agent I have access to: 188.8.131.52. I don't administer our mcafee account - we're a government site and are just told which license number to use but I can't actually log into the support portal to download patches and things that way.
Edit: To clarify, I am using the newest version listed in the software manager which is 184.108.40.206