Rebate

Discount; reducing the interest of money in consideration of prompt payment. Aiso a deduction from a stipulated premium on a policy of insurance, in pursuance of an antecedent contract. Also a deduction or drawback from a stipulated payment, charge or rate, (as, a rate for the transportation of freight by a railroad,) not token out in advance of payment, but handed back to the payer after he has paid the full stipulated sum.