premium

1 of 2

noun

pre·​mi·​um ˈprē-mē-əm 

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

: the consideration paid for a contract of insurance

3

: a high value or a value in excess of that normally or usually expected

put a premium on accuracy

premium

2 of 2

adjective

: of exceptional quality or amount

also : higher-priced

Synonyms

Noun

• accolade
• award
• blue ribbon
• decoration
• distinction
• honor
• kudo
• plume
• prize

Adjective

• big-ticket
• costly
• dear
• expensive
• extravagant
• high
• high-end
• high-ticket
• precious
• priceless
• pricey
• pricy
• spendy [chiefly Northwest]
• ultraexpensive
• valuable

Examples of premium in a Sentence

Noun

Health insurance premiums went up again this year.

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

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

Adjective

lavish feasts at which premium wines flowed freely

Recent Examples on the Web

Noun

The high premiums were offset to some degree by low interest rates and affordable home prices but demand drove up prices across the state, and now, higher mortgage rates are increasingly keeping potential buyers on the sidelines. —Abby Montanez, Robb Report, 29 Apr. 2024

The 38th pick in the draft is quite the premium to pay for someone with so many questions that still need to be answered. —Eddie Brown, San Diego Union-Tribune, 29 Apr. 2024

Word History

Etymology

Noun

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

First Known Use

Noun

1601, in the meaning defined at sense 1a

Adjective

1844, in the meaning defined above

Phrases Containing premium

• at a premium
• come at a premium
• put/place a premium on
• time is at a premium

Kids Definition

premium

1 of 2 noun

pre·​mi·​um ˈprē-mē-əm 

1

a

: a reward for an act

b

: a sum over and above a regular or stated price

c

: something given free or at a lower price with the purchase of a product or service

2

: the amount paid for a contract of insurance

3

: a high or extra value

put a premium on accuracy

premium

2 of 2 adjective

: of high quality, value, or price

Etymology

Noun

Latin praemium "booty, profit, reward," from prae- "before" + emere "to take, buy"

Legal Definition

premium

noun

pre·​mi·​um ˈprē-mē-əm 

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

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