1828 dictionary Noah Webster's 1828 American Dictionary 1828 webster
Noah Webster's 1828 American Dictionary
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1828 dictionary(1) Word.

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1828 Definition

PRE'MIUM, n. [L.] Properly, a reward or recompense; a prize to be won by competition; the reward or prize to be adjudged to the best performance or production.

1. The recompense or prize offered for a specific discovery or for success in an enterprise; as for the discovery of the longitude, or of a northwest passage to the Pacific Ocean.

2. A bounty; something offered or given for the loan of money, usually a sum beyond the interest.

3. The recompense to underwriters for insurance, or for undertaking to indemnify for losses of any kind.

4. It is sometimes synonymous with interest, but generally in obtaining loans, it is a sum per cent. distinct from the interest.

The bank lends money to government at a premium of 2 per cent.

5. A bounty.

The law that obliges parishes to support the poor, offers a premium for the encouragement of idleness.
1913 Definition
Premium (premium)
n.(?)
Pre"mi*um
; 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.

1828 dictionary
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