Final answer:
The premium mode is determined by the frequency and amount of premium payments made by policyholders, impacting their payment schedules and budgeting.
Explanation:
Frequency and amount of the premium payment are known as Premium mode. This refers to how often and how much the premium payments are made, be it monthly, annually, etc. In insurance terminologies, the premium mode is crucial for policyholders to understand their payment structure.
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