premium

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Related to Earned premium: unearned premium

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 property insurance and health insurance came on top of growth in net earned premiums of insurance among the different branches, with an increase of 124% and 61% respectively compared to the same period of 2013.
provides you with a breakdown of market data including data on gross written premiums, earned premiums, number of active policies, number of schemes offered, penetration, gross claims, paid claims, change in outstanding reserves, incurred loss, loss ratio
8226; Historic and forecast data on gross written premiums, earned premiums, number of active policies, number of schemes offered, penetration percentage, gross claims, paid claims, change in outstanding reserves, incurred loss, loss ratio percentage and insurance density and penetration for the period 2009 through to 2018.
This databook provides data on gross written premiums, earned premiums, number of active policies, number of schemes offered, insurance penetration, gross claims, paid claims, incurred loss and loss ratio.
This databook provides data on gross written premiums, earned premiums, number of active policies, number of schemes offered, penetration percentage, gross claims, paid claims, change in outstanding reserves, incurred loss and loss ratio percentage.
Earned premiums (excluding transfers to other companies) for life insurance companies amounted to NOK11.
The earned premiums for the nine-month period amounted to DKK5,980m.
Total revenue decreased due primarily to the lower net investment income and lower net realized investment gains, partially offset by higher earned premiums.
8 million for the fourth quarter of 2007, compared to the same period in 2006, due primarily to lower incurred losses and loss adjustment expenses ("LAE") and lower insurance expenses, partially offset by lower earned premiums.
Marketing and other policy acquisition expenses, excluding Merastar, as a percentage of earned premiums increased from 9.
Marketing and other policy acquisition expenses increased as a percentage of earned premiums from 9.
Earned premiums in the Kemper Auto and Home segment decreased by $3.