premium

Premium is defined as a reward, or the amount of money that a person pays for insurance.

(noun)

  1. An example of a premium is an end of the year bonus.
  2. An example of a premium is a monthly car insurance payment.

The definition of premium is something or someone of greater or superior quality.

(adjective)

An example of premium used as an adjective is the phrase premium gasoline which means a gasoline with a higher octane rating.

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See premium in Webster's New World College Dictionary

noun pl. premiums

  1. a reward or prize, esp. one offered free or at a special low price as an added inducement to buy or do something; bonus
  2. an additional amount paid or charged; specif.,
    1. an amount paid for a loan in addition to interest
    2. an amount paid, as for stock, above the nominal or par value
    3. additional wages paid as for overtime or dangerous work
  3. a payment; specif.,
    1. the amount payable or paid, in one sum or periodically, for an insurance policy
    2. Now Rare a fee paid for instruction in a trade, etc.
    3. a fee paid by a borrower of stock to the lender, as in short selling
  4. very high value: to put a premium on punctuality
  5. Econ. the amount by which one form of money exceeds another (of the same nominal value) in exchange value, or buying power

Origin: L praemium, reward, recompense < prae-, before + emere, to take: see pre- & redeem

adjective

rated as superior in quality and sold at a higher price

See premium in American Heritage Dictionary 4

noun
  1. A prize or award.
  2. Something offered free or at a reduced price as an inducement to buy something else.
  3. A sum of money or bonus paid in addition to a regular price, salary, or other amount.
  4. The amount paid, often in addition to the interest, to obtain a loan.
  5. The amount paid or payable, often in installments, for an insurance policy.
  6. The amount at which something is valued above its par or nominal value, as money or securities.
  7. The amount at which a securities option is bought or sold.
  8. Payment for training in a trade or profession.
  9. An unusual or high value: Employers put a premium on honesty and hard work.
adjective
Of superior quality or value: premium gasoline.

Origin:

Origin: Latin praemium, inducement, reward

Origin: : prae-, pre-

Origin: + emere, to take, buy; see em- in Indo-European roots

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