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English definition of “premium”

premium

noun uk   /ˈpriː.mi.əm/ us  

premium noun (EXTRA)

[C] an amount that is more than usual: We're willing to pay a premium for the best location. Because of their location, these offices attract a premium. The modified cars are available at a premium of five percent over the original price. The busy shopper puts a premium on (= appreciates and will pay more for) finding everything in one big store.

premium noun (PAYMENT)

C2 [C] an amount of money paid to get insurance: Car insurance premiums have increased this year. The premiums for healthcare plans are high.

premium noun (FUEL)

[U] (also premium gas) US for four-star noun

premium

adjective uk   /ˈpriː.mi.əm/ us  
C2 describes something that is of higher than usual quality: premium ice cream The building is on a premium site.
(Definition of premium from the Cambridge Advanced Learners Dictionary & Thesaurus © Cambridge University Press)
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