The frequency of premium payments for an insurance policy, usually annually, semi-annually, or monthly.
The frequency in which premiums are paid. Typically, total annual premium is slightly higher when payments are spread out over the course of the year as opposed to being paid all at once. For example, a policy with a $100 annual premium may also offer a $51 semiannual premium ($102 annual cost), a $26 quarterly premium ($104 annual cost) and a $9 monthly bank draft premium ($108 annual cost). Proposed Insured An individual who is applying for coverage under a life insurance policy. (see also: Insured)
The particular method of premium payment selected by the insured. The policy can be paid for annually, semi-annually, quarterly or monthly.
The frequency of premium payments elected by the policyowner – generally, billed annually, semi-annually, quarterly or monthly. Typically, insurers impose an extra charge for paying premiums in modes rather than annually.
The frequency of premium payments. For most Northwestern Mutual policies, the mode may be annual, semi-annual or quarterly. ISA Plus Accounts also allow for monthly payments.