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WordReference Random House Learner's Dictionary of American English © 2016
priv•i•lege /ˈprɪvəlɪdʒ, ˈprɪvlɪdʒ/USA pronunciation   n. 
  1. a special right or exemption granted to persons in authority that frees them from certain obligations[uncountable]The president claimed executive privilege.
  2. the principle or condition of enjoying special rights or advantages[uncountable]a life of wealth and privilege.
  3. a right or advantage that one enjoys, as because of a job[countable]had special parking privileges for as long as she wanted them.
  4. an advantage or source of pleasure granted to a person[countable]It's my privilege to be here.
See -priv-,-leg-.
WordReference Random House Unabridged Dictionary of American English © 2016
priv•i•lege  (privə lij, privlij), 
n., v., -leged, -leg•ing. 

  1. a right, immunity, or benefit enjoyed only by a person beyond the advantages of most:the privileges of the very rich.
  2. a special right, immunity, or exemption granted to persons in authority or office to free them from certain obligations or liabilities:the privilege of a senator to speak in Congress without danger of a libel suit.
  3. a grant to an individual, corporation, etc., of a special right or immunity, under certain conditions.
  4. the principle or condition of enjoying special rights or immunities.
  5. any of the rights common to all citizens under a modern constitutional government:We enjoy the privileges of a free people.
  6. an advantage or source of pleasure granted to a person:It's my privilege to be here.
  7. [Stock Exchange.]an option to buy or sell stock at a stipulated price for a limited period of time, including puts, calls, spreads, and straddles.

  1. to grant a privilege to.
  2. to exempt (usually fol. by from).
  3. to authorize or license (something otherwise forbidden).
Etymology:1125–75; (noun, nominal) Middle English;
earlier privilegie ( Old French privilege) Latin prīvilēgium origin, originally, a law for or against an individual, equivalent. to prīvi- (combining form of prīvus one's own) + lēg- (see legal) + -ium -ium;
(verb, verbal) Middle English privilegen ( Middle French privilegier) Medieval Latin prīvilēgiāre, derivative of prīvilēgium
privi•leg•er, n. 
1 . Privilege, prerogative refer to a special advantage or right possessed by an individual or group. A privilege is a right or advantage gained by birth, social position, effort, or concession. It can have either legal or personal sanction:the privilege of paying half fare;
the privilege of calling whenever one wishes.
Prerogative refers to an exclusive right claimed and granted, often officially or legally, on the basis of social status, heritage, sex, etc.:the prerogatives of a king; the prerogatives of management. 4 . license, freedom, liberty.

Collins Concise English Dictionary © HarperCollins Publishers::

privilege /ˈprɪvɪlɪdʒ/ n
  1. a benefit, immunity, etc, granted under certain conditions
  2. the advantages and immunities enjoyed by a small usually powerful group or class, esp to the disadvantage of others: one of the obstacles to social harmony is privilege
  3. US a speculative contract permitting its purchaser to make optional purchases or sales of securities at a specified time over a limited period of time
vb (transitive)
  1. to bestow a privilege or privileges upon
  2. (followed by from) to free or exempt
Etymology: 12th Century: from Old French privilēge, from Latin prīvilēgium law relevant to rights of an individual, from prīvus an individual + lēx law

'privilege' also found in these entries:

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