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Loan and Mortgage Terms Glossary |
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Premium:
(1) the amount, often stated as a percentage, paid in addition to the face value of a note or bond. (2) a fee charged for the granting of a loan. (3) the price paid for an insurance contract. (4) a product given free or sold at discount, offered as an inducement to the public to open or add to a savings account, or to purchase other specified products or services.
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