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1

premium

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noun pre·mi·um \ˈprē-mē-əm\

Simple Definition of premium

  • : the price of insurance : the amount paid for insurance

  • : a price that is higher than the regular price

  • : a high or extra value

Source: Merriam-Webster's Learner's Dictionary

Full Definition of premium

  1. 1 a :  a reward or recompense for a particular act b :  a sum over and above a regular price paid chiefly as an inducement or incentive c :  a sum in advance of or in addition to the nominal value of something <bonds callable at a premium of six percent> d :  something given free or at a reduced price with the purchase of a product or service

  2. 2 :  the consideration paid for a contract of insurance

  3. 3 :  a high value or a value in excess of that normally or usually expected <put a premium on accuracy>

Examples of premium in a sentence

  1. Health insurance premiums went up again this year.

  2. The monthly premium for your health insurance is deducted from your paycheck.

  3. Many customers are willing to pay a premium for organic vegetables.



Origin and Etymology of premium

Latin praemium booty, profit, reward, from prae- + emere to take, buy — more at redeem


First Known Use: 1601


2

premium

adjective pre·mi·um

Simple Definition of premium

  • : high or higher than normal

  • : of high or higher than normal quality

Source: Merriam-Webster's Learner's Dictionary

Full Definition of premium

  1. :  of exceptional quality or amount; also :  higher-priced

Examples of premium in a sentence

  1. <lavish feasts at which premium wines flowed freely>



1844

First Known Use of premium

1844



PREMIUM Defined for Kids

premium

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noun pre·mi·um \ˈprē-mē-əm\

Definition of premium for Students

  1. 1 :  a reward for a special act

  2. 2 :  an amount above the regular or stated price <There is a premium for overnight delivery.>

  3. 3 :  the amount paid for a contract of insurance <health insurance premiums>

  4. 4 :  a high or extra value <He put a premium on accuracy.>




Law Dictionary

premium

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noun pre·mi·um \ˈprē-mē-əm\

Legal Definition of premium

  1. 1 :  the difference between the face value or par value of a security and its market price when the latter is greater — compare discount

  2. 2 :  the price paid for an insurance contract equal to the cost per unit times the number of units





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