premium

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. [ 1913 Webster ]

To think it not the necessity, but the premium and privilege of life, to eat and sleep without any regard to glory. Burke. [ 1913 Webster ]

The law that obliges parishes to support the poor offers a premium for the encouragement of idleness. Franklin. [ 1913 Webster ]

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. [ 1913 Webster ]

People were tempted to lend, by great premiums and large interest. Swift. [ 1913 Webster ]

3. A sum of money paid to underwriters for insurance, or for undertaking to indemnify for losses of any kind. [ 1913 Webster ]

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. [ 1913 Webster ]