Pre"mi*um (?), n.; pl.
Premiums (#). [L. praemium, originally, what
one has got before or better than others; prae before +
emere to take, buy. See Redeem.] 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; as, a premium for good behavior or scholarship, for
discoveries, etc.
To think it not the necessity, but the premium
and privilege of life, to eat and sleep without any regard to
glory.
Burke.
The law that obliges parishes to support the poor
offers a premium for the encouragement of
idleness.
Franklin.
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.
People were tempted to lend, by great premiums
and large interest.
Swift.
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; as, gold was at a premium; he
sold his stock at a premium.
