Answered

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Which of the following terms means the frequency of premium payment?

A. Installment
B. Mode
C. Term
D. Option

Sagot :

GinnyAnswer

Final answer:

Mode is the term that signifies the frequency of premium payment. Installment involves dividing a total amount into smaller payments over time. Option refers to a choice in financial agreements.


Explanation:

Mode refers to the frequency of premium payment in insurance. It indicates how often premiums are paid, such as monthly, quarterly, or annually.

Installment refers to dividing a total amount into smaller, scheduled payments, like paying for a product or service in installments over a period of time.

Option is a choice or alternative available in a financial agreement but does not specifically denote the frequency of premium payment.


Learn more about Insurance premium payment here:

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