Premium
/ˈpriːmiəm/
Definitions
- (n.) An amount paid in addition to the ordinary price, often for insurance coverage or special benefits.
She paid a monthly premium to keep her health insurance active.
- (adj.) Of superior quality or value, often implying higher cost or exclusivity.
The contract included a premium service clause for faster delivery.
Forms
- premiums
Related terms
Commentary
In legal drafting, specifying 'premium' is crucial to distinguish base costs from additional charges or benefits, especially in insurance and contract contexts.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.