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English definition of “premium”

premium

noun
 
 
/ˈpriːmiəm/
PAYMENT [C] an amount of money you pay for insurance (= payments for an accident or illness): How much is the monthly premium?InsuranceFinancial investments and the stock market
HIGH RATE [C] an amount or rate that is higher than average: You pay a premium for apartments in the city centre.Big and quite bigEnormous
be at a premium If something useful is at a premium, there is not enough of it: Time is at a premium just before the start of exams.Scarce, inadequate and not enoughLacking thingsImportanceUseful or advantageous
place/put a premium on sth to consider a quality or achievement as very important: She puts a premium on honesty.ImportanceUseful or advantageous
(Definition of premium noun from the Cambridge Learners Dictionary © Cambridge University Press)
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