The term 'insurance PAYMENT' can be broken down into two words, 'PREMIUM' and 'PAYMENT'. The term 'PREMIUM' is a 7-letter word that refers to the amount of money paid to an insurance company in exchange for coverage. PAYMENT is the act of paying for something, in this case, the PREMIUM. Insurance payments are typically made on a regular basis, such as monthly or annually, and are used to cover the cost of any potential claims that may arise.