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  1  definition  found 
  From  Webster's  Revised  Unabridged  Dictionary  (1913)  [web1913]: 
  Premium  \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. 
  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. 

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