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 ?
These numbers are also premium rate and we have not managed to cut them off yet.
The current and revised premium rates are shown in the table posted at www.
The industry body which governs the use of premium rate numbers in the UK is the Independent Committee for the Supervision of Standards of Telephone Information Services.
Premium rate watchdog ICSTIS are now looking at Janice's case but said: 'This company has been investigated and monitored by our case officers and found not to be in breach of our code
A button marked 'click me', which they assumed closed the attachment, forwarded them to the site via a premium rate number.
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.
As we have discussed, premium rate increases are influenced by multiple factors, and our analyses did not allow us to determine the extent to which the differences premium rate increases at the state level could be attributed to tort reform laws or to other factors.
As a result, the premium rate on demand deposits is now set at 0.
A PREMIUM rate phone company has been fined pounds 1,000 after the Sunday Mercury revealed it was charging a whopping pounds 25 for virtually useless information.
As part of their package the 659 MPs have free phones that allow them to call mobile phones, pagers and premium rate lines.
The premium rate levied by the insuring agent is assumed to be constant over a particular coverage horizon.