premium

[pree-mee-uhm]
noun
1.
a prize, bonus, or award given as an inducement, as to purchase products, enter competitions initiated by business interests, etc.
2.
a bonus, gift, or sum additional to price, wages, interest, or the like.
3.
Insurance. the amount paid or to be paid by the policyholder for coverage under the contract, usually in periodic installments.
4.
Economics. the excess value of one form of money over another of the same nominal value.
5.
a sum above the nominal or par value of a thing.
6.
the amount paid to the lender of stock by the borrower, typically a short seller.
7.
the amount the buyer of a call or put option pays to the seller, quoted in dollars per share of stock.
8.
a fee paid for instruction in a trade or profession.
9.
a sum additional to the interest paid for the loan of money.
adjective
10.
of exceptional quality or greater value than others of its kind; superior: a wine made of premium grapes.
11.
of higher price or cost.
12.
of or pertaining to premiums: to work in premium sales.
Idioms
13.
at a premium,
a.
at an unusually high price.
b.
in short supply; in demand: Housing in that area is at a premium.

Origin:
1595–1605; < Latin praemium profit, reward

nonpremium, noun
superpremium, adjective, noun


2. reward. See bonus.
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
premium (ˈpriːmɪəm)
 
n
1.  an amount paid in addition to a standard rate, price, wage, etc; bonus
2.  the amount paid or payable, usually in regular instalments, for an insurance policy
3.  the amount above nominal or par value at which something sells
4.  a.  an offer of something free or at a specially reduced price as an inducement to buy a commodity or service
 b.  (as modifier): a premium offer
5.  a prize given to the winner of a competition; award
6.  (US) an amount sometimes charged for a loan of money in addition to the interest
7.  great value or regard: to put a premium on someone's services
8.  a fee, now rarely required, for instruction or apprenticeship in a profession or trade
9.  at a premium
 a.  in great demand or of high value, usually because of scarcity
 b.  above par
 
[C17: from Latin praemium prize, booty, reward]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Etymonline
Word Origin & History

premium
c.1600, "reward given for a specific act," from L. præmium "reward, profit derived from booty," from præ- "before" + emere "to buy," originally "to take" (see exempt). Insurance sense is 1660s, from It. premio. Adj. sense of "superior in quality" is first attested
1928, originally in reference to a grade of motor fuel.
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
They manage it at every level-collecting premiums, writing claim checks, and
  guarding against fraud.
Bounties are sometimes called premiums, as drawbacks are sometimes called
  bounties.
The premiums ranged from five to twenty-five cents a week.
Special advertising production premiums do not earn any discounts or agency
  commissions.
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