a right, immunity, or benefit enjoyed only by a person beyond the advantages of most

the privileges of the very rich.

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.

a grant to an individual, corporation, etc., of a special right or immunity, under certain conditions.

the principle or condition of enjoying special rights or immunities.

any of the rights common to all citizens under a modern constitutional government

We enjoy the privileges of a free people.

an advantage or source of pleasure granted to a person

It's my privilege to be here.

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.

to grant a privilege to.

to exempt (usually fol. by from ).

to authorize or license (something otherwise forbidden).

noun

detriment , disadvantage

noun

advantage , allowance , appanage , appurtenance , authority , authorization , benefit , birthright , boon , chance , charter , claim , concession , entitlement , event , exemption , favor , franchise , freedom , grant , immunity , liberty , license , opportunity , perquisite , prerogative , right , sanctionnotes:a privilege is a right that may be extended to a group or a number of people; a prerogative is a right that , customarily , is vested in a single person , dispensation , grace , honor , patent , permission , precedence