Definition of Premium
Premium
pre·mi·um
Definition/Meaning
(adjective)
high in quality and/or reputation, or high in cost;
e.g. The restaurant only uses premium ingredients in all of their dishes, which makes the food more expensive.
(noun)
a high or excessive price to be paid something, typically due to some additional value;
e.g. The store puts a premium on the decorations it sells because they are all handmade.
(noun)
each of the regular payments made to a company for insurance coverage;
e.g. They had to pay a higher premium for their car insurance after the accident.
(noun)
something that is given as a compensation, reward, or prize;
e.g. I was offered a premium for taking on an additional assignment.
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