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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

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.

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
As for gross premiums written, Malayan Insurance led the pack with P10.16 billion last year.
One alternative measure to determine new business is the present value of new business premiums, which recognizes all premiums at their present value.
Malayan Insurance, a member of the Yuchengco Group of Companies, has retained its market leadership in terms of gross premiums written with a reported P9.60 billion gross premiums written for the year 2017.
Jones has reduced the advisory pure premium rate by about 42 percent since January 2015, when he approved an average pure premium rate that was $2.81 per $100 of payroll.
"Insurance premiums generated in Lebanon totaled $1.56 billion in 2016, constituting an increase of 2.9 percent from $1.52 billion in 2015," as reported by Lebanon This Week, the economic research publication of the Byblos Bank Group.
CMS must charge higher-income Medicare Part B enrollees premiums that are higher than the standard premium.
* Historic and forecast data for policies and premiums in the life insurance industry in Switzerland for the period 2009 through to 2018.
If under these circumstances a plan is required to record the premium stabilization reserves as an asset, then., conversely, a plan should record the premium stabilization reserves as a liability whenever the excess premiums received from employers over claims paid and other charges may be used by them as premium holidays, reductions in future premiums, or transfers to successor trusts.
Summary: Return of premium plans are complex and expensive.
In general, the new provisions treat certain qualified mortgage insurance premiums as qualified residence interest.
In the All Health Insurers category, the three other companies with premiums over $10 billion last year were Humana Insurance Company with $14.03 billion; American Family Life (Columbus) with $13.17 billion; and Aetna Life Insurance Company with $12.59 billion.