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Premium
PremiumContracts. The consideration paid by the insured to the insurer for making an insurance. It is so called because it is paid primo, or before the contract shall take effect. RELATED TERMS-------------------------------------- Consideration Under common law, there can be no binding contract without consideration, which was defined in an 1875 English decision as "some right, interest, profit or benefit accruing to the one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other". Common law did not want to allow gratuitous offers, those made without anything offered in exchange (such as gifts), to be given the protection of contract law. So they added the criteria of consideration. Consideration is not required in contracts made in civil law systems and many common law states have adopted laws which remove consideration as a prerequisite of a valid contract. Insured Contracts. The person who procures an insurance on his property. Insurer Contracts. One who has obliged himself to insure the safety of another's property, in consideration of a premium paid, or secured to be paid, to him. Insurance Contracts. It is defined to be a contract of indemnity from loss or damage arising upon an uncertain event. Contract A negotiated oral or written agreement setting forth the terms for an exchange of value between parties (which may be individuals or companies) and under which each party promises to perform an obligation. Certain terms, such as the obligations to be performed and the terms for setting price or compensation must be mutually understood, known in legal lingo as a "meeting of the minds," and promised to by the parties to form a legal contract. Take This is a technical expression which signifies to be entitled to; as, a devisee will take under the will. To take also signifies to seize, as to take and carry away. Effect The operation of a law, of an agreement, or an act, is called its effect. SIMILAR TERMS-------------------------------------- Premeditation A design formed to commit a crime or to do some other thing before it is done. Premises 1) That which is put before. The word has several significations; sometimes it means the statements which have been before made; as, I act upon these premises; in this sense, this word may comprise a variety of subjects, having no connexion among themselves. 2) Estates. Lands and tenements are usually, called premises, when particularly spoken of; as, the premises will be sold without reserve. 3) Conveyancing. That part in the beginning of a deed, in which are set forth the names of the parties, with their titles ana additions, and in which are recited such deeds, agreements, or matters of fact, as are necessary to explain the reasons upon which the contract then entered into is founded; and it is here also the consideration on which it is made, is set down, and the certainty of the thing granted. 4) Equity pleading. That part of a bill usually denominated the stating part of the bill. It contains a narrative of the facts and circumstances of the plaintiff's case, and the wrongs of which he complains, and the names of the persons by whom done, and against whom he seeks redress. Premium pudicitiae Contracts. Literally the price of chastity. PREVIOUS AND NEXT TERMS-------------------------------------- Prelevement French law. The portion which a partner is entitled to take out of the assets of a firm before any sion shall be made of the remainder of the assets, between the partners. Preliminary Something which precedes, as preliminaries of peace, which are the first sketch of a treaty, and contain the principal articles on which both parties are desirous of concluding, and which are to serve as the basis of the treaty. Preliminary hearing Also, preliminary examination. A hearing by a judge to determine whether a person charged with a crime should be held for trial. Premeditation A design formed to commit a crime or to do some other thing before it is done. Premises 1) That which is put before. The word has several significations; sometimes it means the statements which have been before made; as, I act upon these premises; in this sense, this word may comprise a variety of subjects, having no connexion among themselves. 2) Estates. Lands and tenements are usually, called premises, when particularly spoken of; as, the premises will be sold without reserve. 3) Conveyancing. That part in the beginning of a deed, in which are set forth the names of the parties, with their titles ana additions, and in which are recited such deeds, agreements, or matters of fact, as are necessary to explain the reasons upon which the contract then entered into is founded; and it is here also the consideration on which it is made, is set down, and the certainty of the thing granted. 4) Equity pleading. That part of a bill usually denominated the stating part of the bill. It contains a narrative of the facts and circumstances of the plaintiff's case, and the wrongs of which he complains, and the names of the persons by whom done, and against whom he seeks redress. Premium Premium pudicitiae Contracts. Literally the price of chastity. Prender Prender or prendre.To take. This word is used to signify the right of taking a thing before it is offered,; hence the phrase of law, it lies in render, but not in prender Prendre Prendre or prender. To take. This word is used to signify the right of taking a thing before it is offered,; hence the phrase of law, it lies in render, but not in prender Prenuptial agreement A legal contract signed by two people before they get married. it typically involves limitations on a spouse's rights to property, support, and inheritance upon divorce. Prepense The same as aforethought. We thank you for using the Juridical Dictionary to search for Premium. If you have a better definition for Premium than the one presented here, please let us know by making use of the suggest a term option. This definition of Premium may be disputed by other professionals. Our attempt is to provide easy definitions on Premium and any other medical topic for the public at large.
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