Privileging

noun
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.
verb (used with object), privileged, privileging.
8.
to grant a privilege to.
9.
to exempt (usually followed by from).
10.
to authorize or license (something otherwise forbidden).
noun
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.
any of the fundamental rights guaranteed to the citizens of a country by its constitution
4.

the right of a lawyer to refuse to divulge information obtained in confidence from a client
the right claimed by any of certain other functionaries to refuse to divulge information: executive privilege

5.
the rights and immunities enjoyed by members of most legislative bodies, such as freedom of speech, freedom from arrest in civil cases during a session, etc
6.
(US, stock exchange) a speculative contract permitting its purchaser to make optional purchases or sales of securities at a specified time over a limited period of time See also call (sense 61), put (sense 20), spread (sense 24c), straddle (sense 9)
verb (transitive)
7.
to bestow a privilege or privileges upon
8.
(foll by from) to free or exempt