Definition of premium
1 a : 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
Word forms: plural premiums
1. countable noun
A premium is a sum of money that you pay regularly to an insurance company for an insurance policy.
It is too early to say whether insurance premiums will be affected.
2. countable noun [usually singular, oft NOUN noun]
A premium is a sum of money that you have to pay for something in addition to the normal cost.
Even if customers want 'solutions', most are not willing to pay a premium for them.
Callers are charged a premium rate of 48p a minute.
Synonyms: surcharge, extra charge, additional fee or charge More Synonyms of premium
3. adjective [ADJECTIVE noun]
Premium goods are of a higher than usual quality and are often expensive.
At the premium end of the market, business is booming.
...the most popular premium ice cream in this country.
4. at a premium
5. at a premium
6. place a high premium on sth/put a high premium on sth
1An amount to be paid for a contract of insurance.
2A sum added to an ordinary price or charge.
‘customers are reluctant to pay a premium for organic fruit’
2.1 A sum added to interest or wages; a bonus.
2.2as modifier Relating to or denoting a commodity of superior quality and therefore a higher price.
2.3Stock Market The amount by which the price of a share or other security exceeds its issue price, its nominal value, or the value of the assets it represents.
‘the shares jumped to a 70 per cent premium on the first day’
3Something given as a reward, prize, or incentive.
‘the Society of Arts awarded him a premium’
at a premium
1Scarce and in demand.
‘space was at a premium’
2Above the usual or nominal price.
‘touts sell the tickets at a premium’
put (or place) a premium on
Regard or treat as particularly valuable or important.
‘he put a premium on peace and stability’