Premiums
/ˈpriː.mi.əmz/
Definitions
- (n.) Payments made, often periodically, for insurance coverage or other contractual obligations.
The insured must pay premiums monthly to keep the policy active.
- (n.) An amount paid in addition to a basic price or value, such as a bonus or reward in contracts or employment.
Employees received premiums for meeting performance targets.
Forms
- premium
Related terms
See also
Commentary
In legal usage, 'premiums' most commonly refers to payments under insurance contracts but can also denote additional compensation or incentives in contractual 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.