noun

1. a right, advantage, favor, or immunity specially granted to one; esp., a right held by a certain individual, group, or class, and withheld from certain others or all others
2. a basic civil right, guaranteed by a government
3. an option, as a put or call, to buy or sell a stock

Etymology: OFr < L privilegium, an exceptional law for or against any individual < privus, private + lex (gen. legis), law: see legal

transitive verb privileged -·leged, privileging -·leg·ing

1. to grant a privilege or privileges to
2. to grant special favored status to