The E911 agreement is to make you aware that if you dial 911 using a Teams phone or application, Teams uses your location data to tell emergency responders your location. The agreement also points out that this location data will not be as accurate as the old wired phone lines.
Please, read the agreement completely. The person getting a phone number must agree to the E911 Agreement before a phone is issued. Once the agreement is accepted the phone number request processes within an hour.