Which of the following is true regarding the sale of life insurance in Virginia?

In Virginia, the requirement for agents to disclose all commissions is a vital aspect of ethical and transparent conduct in the insurance industry. This regulation aims to ensure that consumers are fully informed about the financial aspects of the insurance products they are considering. Disclosure of commissions helps clients understand any potential conflicts of interest that may arise, as agents may have financial incentives tied to certain policies. Transparency fosters trust between clients and agents, which is essential in the financial services sector.

While other choices may touch on elements of regulation or industry practices, they do not align with the necessary disclosure standards mandated for agents selling life insurance in Virginia. For instance, the state requires that applications be submitted in writing to maintain a clear record of the transaction, and agents typically need to operate under some degree of oversight to ensure compliance with regulatory standards. Annual training requirements may exist in various forms, but they are not universally mandated for all agents. Hence, the correct understanding of the requirement to disclose commissions reflects Virginia's commitment to honest practices in life insurance sales.