What term is used to describe how frequently a policyowner must pay the policy premium?

The term "Mode" specifically refers to the frequency with which a policyowner is required to pay the premium on their insurance policy. It encompasses various payment intervals, such as monthly, quarterly, semi-annually, or annually. By understanding the mode of premium payments, policyholders can choose a payment schedule that best fits their financial situation and cash flow preferences.

While "Tenor," "Frequency," and "Schedule" all relate to the timing of payments in different contexts—such as loan agreements, general payment terms, or summarized payment tactics—they do not explicitly define the specific mechanism or terminology used in the context of insurance premium payments. In the insurance realm, "Mode" is the precise term that encapsulates these concepts in relation to premium obligations.