Premiums

Premiums are payments made to an insurance company.

Definition

According to Principles of Economics by Timothy Taylor (3rd edition),

Premiums. Payments made to an insurance company.

According to the Marketing Communications by Fill (5th edition),

Premiums. A technique used in sales promotion. Items of merchandise are offered free or at a low cost in return for product purchase.

According to the HRBoK Guide,

Premiums. Payments or incentives. Payments for insurance; also, payments employees receive for meeting goals by a certain time.