1. Having or reflecting superior quality or value; having a higher price or cost
   "premium petrol at a premium price"

1. Payment for insurance
   "The annual insurance premium for their home increased after the natural disaster";
   - insurance premium
    
2. A prize, bonus, or award given as an inducement by businesses
   "they encouraged customers with a premium for loyal patronage"
    
3. A reward or payment offered for a specific action or achievement
   "Farmers received a premium for culling invasive species";
   - bounty
    
4. The amount that something in scarce supply is valued above its nominal value
   "they paid a premium for access to water"
    
5. A fee charged for exchanging currencies
   "The bank's premium for converting dollars to euros was quite high";
   - agio, agiotage [UK], exchange premium
    
6. An amount added to a basic wage or price
   "Workers receive a premium for overtime hours"

Derived forms: premiums

See also: superior

Type of: award, bonus, charge, economic value, incentive, payment, prize, reward, value

Encyclopedia: Premium, Kentucky