“ PREMIUM (Lat. praemium, profit, reward, prae + emere, to buy) , in general, a reward or prize; a consideration. In the law of insurance, the sum of money or consideration (either annual or in a lump sum) which the insured pays the insurers in order to gain a certain amount in the event of some specific loss happening is termed a premium. The word is applied to the fee paid in consideration of being taught a trade or profession. ”