Premium

Lat. Reward; compensation. Prwmium asseourationis, compensation for insurance; premium of insurance. Locc. de Jur. Mar. lib. 2, c. 5, § 6.

— Premium emancipationis. In Roman law. A reward or compensation anciently allowed to a father on emancipating his child, consisting of one-third of the child's separate and individual property, not derived from the father himself. See Mackeld. Rom. Law, § 605.

— Praemium pudicitiae. The price or chastity; or compensation for loss of chastity. A term applied to bonds and other engagements given for the benefit of a seduced female. Sometimes called "præmxwm pudoris." 2 Wils. 339, 340.

The sum paid or agreed to be paid by an assured to the underwriter as the consideration for the insurance; being a certain rate per cent, on the amount insured. 1 Phil. Ins. 205; State v. Pittsburg, etc., Ry. Co., 68 Ohio St 9, 67 N. B. 93, 64 It. R. A. 405, 96 Am St. Rep. 635; Hill v. Insurance Co., 129 Mich. 141, 8S N. W. 392. 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 translerrer by the transferee of shares of stock, etc. So stock is said to be "at a premium" when its market price exceeds its nominal or face value. Rhode Island Hospital Trust Co. v. Anming-ton, 21 R. I. 33, 41 AH. 571; White v. Williams, 90 Md. 719, 45 AtL 1001; Washington, etc., Assn v. Stanley, 38 Or. 319, 63 Pac. 489, 58 L. It. A. 816, 84 Am. St. Rep. 793; Building Ass'n v. Eklund, 190 111. 257, 60 N. E. 521, 52 In In A. 637. See Par. In granting a lease, partof the rent is sometimes capitalized and paid in a lump sum at the time the lease is granted. This is called a "premium."
—Premium note. A promissory note given by the insured for part or all of the amount of the premium.
—Premium pudicitiæ. The price of chastity. A compensation for the loss of chastity, paid or promised to, or for the benefit of, a seduced female.