Answer :
Final answer:
Mode is the term that signifies the frequency of premium payment. Installment involves dividing a total amount into smaller payments over time. Option refers to a choice in financial agreements.
Explanation:
Mode refers to the frequency of premium payment in insurance. It indicates how often premiums are paid, such as monthly, quarterly, or annually.
Installment refers to dividing a total amount into smaller, scheduled payments, like paying for a product or service in installments over a period of time.
Option is a choice or alternative available in a financial agreement but does not specifically denote the frequency of premium payment.
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