The sum paid or agreed to be paid hy an assured to the underwriter as the consideration for the insurance; being a certain rate per cent on the amount in-sured. 1 PhlL Ins. 205; State v. Pittsburg, etc., Ry. Co., 68 ohio SL 9, 67 N. E. 93, 64 L. R. A. 405, 96 Am St Rep. 635; HUI v. Insurance Co., 129 Mich. 141, 8S N. W. 392
Source: Black’s Law Dictionary 2nd Ed (1910)
