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See also:PREMIUM (See also:Lat. praemium, profit, See also:reward, prae+emere, to buy) , in See also:general, a See also:reward or See also:prize; a See also:consideration . In the See also:law of See also:insurance, the sum of See also:money or consideration (either See also:annual or in a lump sum) which the insured pays the insurers in See also:order to gain a certain amount in the event of some specific loss happening is termed a See also:premium . The word is applied to the See also:fee paid in consideration of being taught a See also:trade or profession . It is also used in the sense of " See also:bonus," as something beyond or additional, as in the phrases, " premium bonus See also:system," " premium system," where a bonus or sum is given in addition to See also:wages in proportion to the value of the See also:work done . On the stock See also:exchange, when a See also:security has not yet been fully' paid up, it is customary to quote its See also:price at See also:par, or so much premium or See also:discount . Par represents the amount actually paid up on it, while if it is above the level it is said to be at a premium of so much, or if below at a discount . |
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[back] LUDWIG PRELLER (1809–1861) |
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