Final answer:
Premium mode is the method of payment for insurance, referring to how often and in what manner the premium is paid.
Step-by-step explanation:
Premium mode is a term used to describe the method of payment for insurance.
It refers to how often and in what manner the premium is paid, such as monthly, quarterly, semi-annually, or annually, and whether it is paid in cash, check, credit card, or through automatic deductions from a bank account.
For example, if a policyholder chooses a monthly premium mode, they would pay the premium amount each month for the duration of the insurance policy.