|n.||1.||A reward or recompense; a prize to be won by being before another, or others, in a competition; reward or prize to be adjudged; a bounty; |
To think it not the necessity, but the premium and privilege of life, to eat and sleep without any regard to glory.
|2.||Something offered or given for the loan of money; bonus; - sometimes synonymous with interest, but generally signifying a sum in addition to the capital.|
|3.||A sum of money paid to underwriters for insurance, or for undertaking to indemnify for losses of any kind.|
|4.||A sum in advance of, or in addition to, the nominal or par value of anything; |
|Noun||1.||premium - payment for insurance|
Synonyms: insurance premium
|2.||premium - a fee charged for exchanging currencies|
|3.||premium - payment or reward (especially from a government) for acts such as catching criminals or killing predatory animals or enlisting in the military|
|Adj.||1.||premium - having or reflecting superior quality or value; "premium gasoline at a premium price"|
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.