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English definition of “premium”

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premium

noun [C]  /ˈpri·mi·əm/ us  

premium noun [C] (PAYMENT)

an amount of money paid at regular times to insure (= protect against risk) your health or life, or your home or possessions: That could mean higher Medicare premiums for retirees.

premium noun [C] (EXTRA)

something extra given or an extra amount charged: You get a lipstick as a premium with the purchase of this makeup. Our customers are willing to pay a premium for a superior product.at a premium If you get something at a premium, you pay a high price for it, esp. because it is not easily available: It’s possible to get a large apartment, but only at a premium. A premium is also a great amount of importance: The admissions office places a premium on a student’s character in the selection process.

premium

adjective [not gradable]  /ˈpri·mi·əm/ us  

premium adjective [not gradable] (EXTRA)

of higher than usual quality or value: premium gasoline
(Definition of premium from the Cambridge Academic Content Dictionary © Cambridge University Press)
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