In general I recommend double labeling for selectors, with a fixed and permanent category prefix outside the form itself – in your example, it would be "Fee Option" – and a dynamic status label within the form to indicate its current status. Think of this as a call and answer or question and answer scheme; "Fee option?" – "Monthly | Annual | Lump Sum" (or whatever the choice of your application). Only omit the point of unnecessary inquiry. Punctuation in the labeling of entries is not usually recommended.
This system of call response labeling gives your user an instant overview of the completion status of a series of input fields, that it's acting on drop-down selectors, date selectors, or forms / text entry fields. Avoid duplication, however: do not use identical text for prefix and substitution text. Make sure the labeling semantics comply with the schema (category prefix) – (editable current state) consistently.
Once you have established this labeling scheme, with significant prefix titles, design a consistent indicator for the indeterminate states of your selectors.
For date or combo selectors (anything that has a finite choice constrained and constrained), see what your global user interface looks like when an indeterminate state of all input fields indicates "Select"; this should usually be understandable a selection has not been made yet. If input is required, use stronger rules. Google Material will offer suggestions combining visual and verbal cues to indicate when a selection is critical. In addition, prevent your user from continuing or completing the installation routine (which seems to be what you are describing).
To return to your example, the landing state of the input field would be …
Fee Option (Select)
… where the bracketed text looks like a label on the form itself and the text preceding the category label. Do not use prefix duplicates like "Fee Option" – "(Fee Option)". You see what I mean by call and answer? Undetermined states are marked with a name as a category prefix and followed by a verb as an action call label (CTA) on the field. entrance itself. Use the same thing for the date or time selectors; "Start Date" – "Select".
Once your user makes a selection, the input field changes to its finished state …
Fee option (monthly payment)
… or something like that. If the selection is critical, remove all markers of this criticality such as the red frame of the field, the addition of asterisks to the category label, the explicit labeling "Required" – and the complete unlock (for example, "Submit").
With text input or combo boxes, that is, input fields with theoretically infinite choices for input such as user name or address, use a sample text from index inside the form …
Address (for example. 123 Hamilton Street)
… rather than repeating "Address" as an index, which is useless. I hope it helped you!