premium

(redirected from premium tax)
Also found in: Dictionary, Thesaurus, Medical, Financial, Encyclopedia, Wikipedia.

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 ?
The 30,000 people in New Hampshire whose tax credits were saved by the court decision can continue to apply their health premium tax credit (subsidy) toward medical and dental plans that cover the pediatric benefit.
In states offering a CHIP buy-in program that the HHS has recognized as minimum essential coverage, taxpayers who could enroll in the program would be considered ineligible for the premium tax credit because they were eligible for minimum essential coverage (the CHIP buy-in program), regardless of whether they enrolled in the program.
Income eligibility for the premium tax credits will be based on the previous year's income tax returns.
Quotes should be net of commission and state premium tax for a July 1, 2015 effective date.
1) Most of these compliance efforts focus on the premium tax credit and the individual shared-responsibility payment ("individual mandate").
If your income or household size have changed, you'll need to report that to the Marketplace so you get the right premium tax credit.
The NRRA, which was part of the Dodd-Frank Act, stipulates in part that the home state of an insured has exclusive authority to require payment of premium tax for nonadmitted insurance.
Tommy Williams, R-The Woodlands, to use premium tax revenue to subsidize private health policies for the uninsured.
Many had hoped the former onerous requirements of state-by-state premium taxation, allocation, and reporting would be simplified by establishing a new protocol where a producer need only submit premium tax payments to the "home state" of the insured on a policy with risks located in multiple jurisdictions, and states would join an arrangement to share those taxes.
But the lawmakers seemingly could not leave well enough alone when they added a provision suggesting the states could form agreements to share premium tax revenues if they could figure out a fair way of doing so.
Federal officials are laying the groundwork for the launch of state-based health insurance exchanges in 2014, handing out millions of dollars in grants to states, designing tools to determine eligibility to buy insurance, and proposing details on how the refundable premium tax credits will work.
For many years, states have tried and failed to harmonize their laws governing interstate surplus lines transactions, especially the issue of premium tax allocation.