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premium definition - legal

n

  1. Money paid to an insurer in exchange for coverage.
  2. Money paid by a buyer for an option to buy stock or property.
  3. A reward for a job after it has been done.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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