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 ?
The global Premium Audio Market is likely to exhibit steady growth over the forecast period, according to the latest report on Wise Guy Research (WGR).
'Net premiums written is the gross premiums written less reinsurance cessation.
Single premium is also known as single-pay or one-time pay, as opposed to the regular pay.
The non-life insurers posted P76.62 billion in gross premiums written as of end December 2017 compared to P70.44 billion in 2016.
With an average filed pure premium rate of $2.13 per $100 of payroll as of July 1, 2018, insurers were on average applying pure premium rates that were roughly 19.7 percent more than the corresponding average advisory pure premium rate of $1.78 approved by the commissioner as of that date, according to the California Department of Insurance.
Commercial Auto: Premium renewal rate change averaged 3.11% for the quarter, with a quarter high in November at 3.24% and ending the quarter at its low of 3.00% in December.
CMS has also posted a simpler summary of the premium changes on its own website.
Over the last few years, DAB Premium Finance has been steadily improving their user experience.
The purpose of premium stabilization reserves is to stabilize the contribution or premium rates of participating employers over a number of years by allowing them to take advantage of their favorable claims experience.
It is a term plan, with death benefits, that returns the premium paid if the policyholder survives the policy term.
Andreas Schaaf, President, BMW India said, "BMW Premium Selection will play an important role in the success of our company; it has its very own chapter in the "Story of JOY".
Summary: DHAHRAN: Saudi Aramco has assured users of Premium 95 grade of gasoline that there is no shortage and that the market is adequately supplied.