Premium Note

In Insurance. A note given in place of payment of the whole or a part of the premium. The premium, or a part of it, Is not unfrequently paid wholly or in part by a promissory note, with a stipulation in the policy that the unpaid amount shall be set off and deducted in settling for a loss; 1 Phill. Ins. § 51. It is also usually collaterally secured by a stipulation in the policy for the forfeiture of the policy by non-payment of the premium note, or any amount due thereon by assessment or otherwise; Bangs v. Gray, PREMIUM PU D 1C ITI /E (Lat. the price of 406; El wood v. Tel. Co., 45 N. Y. 549, 6 Am. chastity). The consideration of a contract Rep. 140. See Wigmore, Evid. § 2498. by which a man promises to pay to a woman PREPOSITUS. The person in question in with whom he has illicit intercourse a cer- any case of ascertaining next of kin or heirtain sum of money. ship. When the contract is made as the payment of past cohabitation, as between the PREROGATIVE. In Civil Law. The privparties, it is good, and will be enforced, if ilege, pre-eminence, or advantage which one under seal, but such consideration will not person has over another: thus, a person vestsupport a parol promise; 3 Q. B. 483; Poll. ed with an office is entitled to all the rights, Contr. 288; 1 Story, Contr. § G70. It cannot privileges, prerogatives, etc., which belong be paid on a deficiency of assets, until all to it. creditors are paid, though it has a prefer- In English Law. The word simply means ence over the heir, next of kin, or devisee. a power or will which is discretionary, and If the contract be for future cohabitation, it above and uncontrolled by any other will. is void; 1 Story, Eq. Jur. 13th ed. § 29G; It is frequently used to express the uncon- 2 P. Wms. 432; 1 W. Bla. 517; Roberts, trolled will of a sovereign power in the state Fraud. Conv. 428; Trovinger v. Mc Burney, and is applied not only to the king but also 5 Cow. (N. Y.) 253; Winebrinner v. Weisiger, to the legislative and judicial branches of the 3 T. B. Monr. (Ky.) 35. See Consideration. government. “The prerogative is the name for the re-