if you buy a case of heartland healthy soup, you can mail eight upc labels to heartland and receive a heart-shaped soup bowl. the bowl is an example of a premium.
A premium can be described as the price paid for above as well as beyond some basic or intrinsic value.
It should be noted that it is the price paid for protection from a loss, hazard, as well as harm which can be seen in the insurance or options contract and in some case it can be considered to be a "reward" or "prize."
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