What does Mode of Premium mean? Read on to discover the definition & meaning of the term Mode of Premium - to help you better understand the language used in insurance policies.
Mode of Premium
Mode of premium is the schedule of payments for insurance. The insured decides on the schedule upon purchasing a policy. The most common are annual, semi-annual, quarterly and monthly. The insured is billed according to this schedule, and some insurers allow the insured to change the schedule.
We hope the you have a better understanding of the meaning of Mode of Premium.