premium Definition
- 1an amount paid for an insurance policy
- 2a high or extra quality
- 3an amount to be paid for a product or service above the regular price
Using premium: Examples
Take a moment to familiarize yourself with how "premium" can be used in various situations through the following examples!
Example
The premium for this car insurance policy is quite high.
Example
This brand is known for its premium quality products.
Example
The premium for the VIP package includes exclusive access to the lounge.
Example
The premium for organic produce is often higher than non-organic.
premium Synonyms and Antonyms
Idioms Using premium
Example
During the pandemic, hand sanitizers were sold at a premium due to high demand.
Example
This company puts a premium on employee satisfaction and well-being.
Example
There is a premium on punctuality in this workplace.
Phrases with premium
Example
I had to pay a premium for the concert tickets because they were sold out.
Example
The bank offered me a loan with a premium rate due to my low credit score.
Example
This store only carries premium brands like Gucci and Prada.
Origins of premium
from Latin 'praemium', meaning 'reward'
Summary: premium in Brief
The term 'premium' [ˈpriːmiəm] refers to an amount paid for an insurance policy, high or extra quality, or an amount to be paid for a product or service above the regular price. It can describe a brand or product, such as 'This brand is known for its premium quality products,' or a payment, such as 'The premium for this car insurance policy is quite high.' 'Premium' also appears in idioms like 'at a premium,' denoting a higher than usual price or value, and 'put a premium on something,' emphasizing importance.