Definition of premium
(Entry 1 of 2)
1a
: 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
adjectiveDefinition of premium (Entry 2 of 2)
: of exceptional quality or amount
also
: higher-priced
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Merriam-Webster unabridged
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Time Traveler for premium
The first known use of premium was in 1601
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