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Meaning & Definition of Premium in English

English

Premium

/primiəm/

noun

1. Payment for insurance

    synonym:
  • premium
  • ,
  • insurance premium

2. The amount that something in scarce supply is valued above its nominal value

  • "They paid a premium for access to water"
    synonym:
  • premium

3. A fee charged for exchanging currencies

    synonym:
  • agio
  • ,
  • agiotage
  • ,
  • premium
  • ,
  • exchange premium

4. A prize, bonus, or award given as an inducement to purchase products, enter competitions initiated by business interests, etc.

  • "They encouraged customers with a premium for loyal patronage"
    synonym:
  • premium

5. Payment or reward (especially from a government) for acts such as catching criminals or killing predatory animals or enlisting in the military

    synonym:
  • bounty
  • ,
  • premium

adjective

1. Having or reflecting superior quality or value

  • "Premium gasoline at a premium price"
    synonym:
  • premium

Examples of using

Imogen of the Internet is fighting six bored housewives to win an eBay auction for a bag of premium chai tea.