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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.
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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