Definitions for "Premium Mode"
(See "Mode.")
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)