Pronunciation: (priv'u-lij, priv'lij), [key]
—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).
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.