premium

(redirected from premiums)
Also found in: Dictionary, Thesaurus, Medical, Financial, Idioms, Encyclopedia, Wikipedia.
Related to premiums: Insurance Premiums

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 classic literature ?
 INSURANCE AGENT: You spoke of saving the premiums which you would
And the premium, Stamp included, is a thousand pounds,' said Mr.
Hardship and freedom: conditions under which the active, strong, and subtle survive and the weaker go to the wall; conditions that put a premium upon the loyal alliance of capable men, upon self-restraint, patience, and decision.
There is a class of optimists ready to reinsure an "overdue" ship at a heavy premium.
Take only twelve," said D'Artagnan, "and call the rest premium and brokerage.
In its original form, this law offered a premium for cat-heads (fourpence a-piece), but the Senate succeeded in amending the main clause, so as to substitute the word "tails" for "heads.
He added that Rogojin was drunk, of course; but that he thought the money would be forthcoming, for the excited and intoxicated rapture of the fellow impelled him to give any interest or premium that was asked of him, and there were several others engaged in beating up the money, also.
Now here is a Lombard bond and a letter; it is a premium for the man who writes a history of Suvorov's wars.
I must give you the ninety-two pounds that I have put by for Alfred's premium," said Mrs.
The sum insured in each office was five thousand pounds--on which one year's premium only had been paid.
Their common reply was that they were glad of the opportunity to make it perfectly plain that no premium would ever be put on carelessness by them; nor would they, by paying for accident, tempt the poor to hurt themselves in the machinery.
Why the very name will get the shares up to a premium in ten days.