Which of the following refers to how often a premium is paid?

The term that refers to how often a premium is paid is "Mode." In insurance terminology, "mode" indicates the schedule or frequency with which the premium payments are made. For instance, a policyholder may choose to pay their premiums monthly, quarterly, semi-annually, or annually. Each of these options represents a different mode of payment. Understanding the mode is crucial for policyholders as it affects budgeting and cash flow management when it comes to maintaining insurance coverage.

While "frequency" may seem similar, it generally describes the overall occurrence of events rather than specifically detailing the structure of payment intervals, which is what mode addresses directly. The "term" refers more to the length of the coverage period, and "rate" pertains to the cost per unit of insurance coverage, not the timing of payments. Thus, mode is the most accurate term for describing how often premiums are paid.