PREMIUM

premium

(adjective) having or reflecting superior quality or value; “premium gasoline at a premium price”

bounty, premium

(noun) payment or reward (especially from a government) for acts such as catching criminals or killing predatory animals or enlisting in the military

premium

(noun) a prize, bonus, or award given as an inducement to purchase products, enter competitions initiated by business interests, etc.; “they encouraged customers with a premium for loyal patronage”

premium, insurance premium

(noun) payment for insurance

agio, agiotage, premium, exchange premium

(noun) a fee charged for exchanging currencies

premium

(noun) the amount that something in scarce supply is valued above its nominal value; “they paid a premium for access to water”

Source: WordNet® 3.1

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Etymology

Adjective

premium (not comparable)

Superior in quality; higher in price or value.

(automotive) High-end; belonging to the market segment between mid-market and luxury.

Coordinate terms: economy, luxury

Noun

premium (plural premiums or premia)

A prize or award.

Something offered at a reduced price as an inducement to buy something else.

A bonus paid in addition to normal payments.

(insurance) The amount to be paid for an insurance policy.

An unusually high value.

(finance) The amount by which a security's value exceeds its face value.

Usage notes

• Premia is much less common than premiums, accounting for less than 1% of total usage in US (COCA) and in UK (BNC).

Antonyms

• (finance): discount

Source: Wiktionary

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Pre"mi*um, n.; pl. Premiums. Etym: [L. praemium, originally, what one has got before or better than others; prae before + emere to take, buy. See Redeem.]

1. A reward or recompense; a prize to be won by being before another, or others, in a competition; reward or prize to be adjudged; a bounty; as, a premium for good behavior or scholarship, for discoveries, etc. To think it not the necessity, but the premium and privilege of life, to eat and sleep without any regard to glory. Burke. The law that obliges parishes to support the poor offers a premium for the encouragement of idleness. Franklin.

2. Something offered or given for the loan of money; bonus; -- sometimes synonymous with interest, but generally signifying a sum in addition to the capital. People were tempted to lend, by great premiums and large interest. Swift.

3. A sum of money paid to underwriters for insurance, or for undertaking to indemnify for losses of any kind.

4. A sum in advance of, or in addition to, the nominal or par value of anything; as, gold was at a premium; he sold his stock at a premium.

Source: Webster’s Unabridged Dictionary 1913 Edition

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