premium

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Premium

A reward for an act done.

A bounty or bonus; a consideration given to invite a loan or a bargain, as the consideration paid to the assignor by the assignee of a lease, or to the transferer by the transferee of shares of stock, etc.

In granting a lease, part of the rent is sometimes capitalized and paid in a lump sum at the time the lease is granted. This is called a premium.

The sum paid or agreed to be paid by an insured to the underwriter (insurer) as the consideration for the insurance. The price for insurance protection for a specified period of exposure.

premium

n. 1) payment for insurance coverage either in a lump sum or by installments. 2) an extra payment for an act, option or priority.

premium

adjective best, capital, choice, desirable, elect, estimable, excellent, fine, finest, first-class, first-rate, grade A, high-grade, high-quality, incomparable, matchless, peerless, precious, prime, quality, second to none, select, specially selected, splendid, superb, superior, superlative, top-notch, unbeatable, unmatched, unparalleled, unrivaled, unsurpassed, very fine, worthy

premium

(Excess value), noun amount over par, bonus, bounty, charge beyond normal, charge to excess, excessive charge, extra, incentive, increased value, prize

premium

(Insurance payment), noun amount paid peeiodically, annual commitment, annual encumbrance, annual fee, annual installment, annual liability, annual obligation, annual payment, annual rate of insurance, annual remittance, contract payment, periodic payment, yearly payment
Associated concepts: assessment of a premium, earned premiums, gross premium, net premium, reduction of premium
See also: bonus, bounty, gratuity, payment, perquisite, present, price, prize, profit, remittance, reward

PREMIUM, contracts. The consideration paid by the insured to the insurer for making an insurance. It is so called because it is paid primo, or before the contract shall take effect. Poth. h.t. n. 81; Marah. Inst. 234.
     2. In practice, however, the premium is not always paid when the policy is underwritten; for insurances are frequently effected by brokers, and open accounts are kept between them and the underwriters, in which they make themselves debtors for all premiums;, and sometimes notes or bills are given for the amount of the premium.
     3. The French writers, when they speak of the consideration given for maritime loans, employ a variety of words in order to distinguish it according to the nature of the case. Thus, they call it interest when it is stipulated to be paid by the month or at other stated periods. It is a premium, when a gross sum is to be paid at the end of a voyage, and here the risk is the principal object which they have in view. When the sum is a percentage on the money lent, they denominate it exchange, considering it in the light of money lent in one place to be returned in another, with a difference in amount between the sum borrowed and that which is paid, arising from the difference of time and place. When they intend to combine these various shades into one general denomination, they make use of the term maritime profit, to convey their meaning. Hall on Mar. Loans, 56, n. Vide Park, Ills. h.t. Poth. h.t.; 3 Kent, Com. 285; 15 East, R. 309, Day's note, and the cases there cited.

References in periodicals archive ?
But a plan to generate income for the force by charging callers a premium rate was rejected for the time being following accusations the idea was ``daft``.
Pre-January 28 arrangements may continue to use the insurer's lower published premium rates for income and gift tax purposes.
This testimony focuses on the factors that have contributed to the recent increases in insurance premium rates and the differences in rates among states that have passed varying levels of tort reform laws.
This is the first premium rate cut since the deposit insurance system was created in 1971.
But the service, which simply provided commonsense tips including how to open bank accounts, did not tell customers that the premium rate calls would last for more than 25 minutes - costing pounds 25.
One MP said: "Most high premium rate numbers that have been dialled were for sex chat lines.
A deposit insurance premium rate determined by Merton's model cannot be fairly priced according to the multiperiod model.
The premium rate SMS market is increasingly moving into specific niche market applications, such as the ones mentioned above, as well as competitions and voting where price points, volume and profile ensure that these services remain viable.
Adult chat lines and psychic hotlines are very common uses of premium rate numbers.
Communications Minister Eamon Ryan also said a separate offence will be created for overcharging on premium rate services.
Channel Five yesterday became the latest broadcaster to suspend all its programming involving premium rate telephone services following problems with its daily quiz show Brainteaser.
It received nearly 19,600 complaints about premium rate services last year.