the.com/premium
The fee you pay so disaster becomes someone else's math problem.
means An amount paid regularly for insurance coverage, or extra money charged for something of higher quality or special status.
from From Latin praemium, meaning reward or profit taken in advance — itself from prae (before) + emere (to buy or take). The word entered English in the 1600s first meaning a reward or prize, then narrowed into the insurance sense as the sum paid upfront to secure protection against future loss. The 'high quality' meaning followed later, from the idea of something commanding a price above the ordinary.
- origin
- Latin praemium meant reward, not cost
- insurance logic
- you bet against your own bad luck
- pricing trick
- premium brands charge for the feeling, not the function
- house always wins
- insurers profit because most claims never happen