What does 'frequency' typically refer to in insurance policy terms?

In insurance policy terms, 'frequency' typically refers to the timing of premium payments. This concept is crucial as it dictates how often the insured must make payments to maintain coverage and avoid lapses in the policy. This could be on a monthly, quarterly, semi-annual, or annual basis, depending on the terms agreed upon in the policy. Understanding the frequency of payments is essential for insured parties to manage their financial obligations and ensure continuous protection under their insurance coverage. It also impacts cash flow for both the insurer and the insured, influencing the overall risk management process.