premium meaning and definition

PREMIUM noun

Definition of premium (noun)

1. payment for insurance
   • synonyms: insurance premium
2. the amount that something in scarce supply is valued above its nominal value
   • "they paid a premium for access to water"
3. a fee charged for exchanging currencies
   • synonyms: agio, agiotage, exchange premium
4. 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"
5. payment or reward (especially from a government) for acts such as catching criminals or killing predatory animals or enlisting in the military
   • synonyms: bounty

PREMIUM adjective

Definition of premium (adjective)

1. having or reflecting superior quality or value
   • "premium gasoline at a premium price"