Premium

* Reward, recompense; price; the sum paid or to be paid. To a " wager " or " bet " there are two parties. To a " premium " or reward there is but one party until the act, thing, or purpose for which it is offered, has been accomplished. A " premium " is a reward or recompense for some act done; a " wager " is a stake upon an uncertain event. In a " premium " it is known who is to give before the event; in a " wager " it is not known until after the event.'

Compare further Bet; Bounty; Prize; Wager, 3.

At a premium. At a price higher than the nominal value; as, when it is said that a share of stock, or exchange, is at a premium.

Premiiim note

A promissory note given for the price of insurance. Premium of insurance. The sum paid for undertaking the risk in a contract of insurance. The payment of the annual premium in life insurance is a condition subsequent only, the non-performance of which may incur a forfeiture of the policy, or may not, according to circumstances. The insured may show a waiver of the condition, or a course of conduct which gave him a just and reasonable ground to infer that a forfeiture would not be exacted '

See Inburakce.