Which term refers to the fixed schedule of payments made for an insurance policy?

The term that refers to the fixed schedule of payments made for an insurance policy is level premium payment. This type of payment structure involves paying a consistent amount throughout the duration of the policy. The purpose of a level premium payment is to stabilize the cost of coverage over time, making budgeting easier for policyholders since they know exactly what their payment will be from year to year.

In contrast, flexible premium payments can vary based on the policyholder's choice or financial situation, while variable premium payments change depending on certain factors like market performance or the insurer's investment returns. Annual premium payments, while they can represent fixed amounts, do not inherently convey the concept of a level schedule if paid annually without consistency across years. Thus, the level premium payment is the most accurate description for a fixed schedule of payments.