premium

[ˈpriːmiəm]

premium Definition

• 1. an amount paid for an insurance policy
• 2. a high or extra quality
• 3. an 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

Synonyms for premium

• bonus
• extra
• surcharge
• fee
• price

Antonyms for premium

• discount
• reduction
• penalty

Idioms Using premium

• at a premium

  at a higher than usual price or value

  Example

  During the pandemic, hand sanitizers were sold at a premium due to high demand.

• put a premium on something

  to consider something as very important and valuable

  Example

  This company puts a premium on employee satisfaction and well-being.

• a premium on something

  an emphasis or importance placed on something

  Example

  There is a premium on punctuality in this workplace.

Phrases with premium

• pay a premium

  to pay more than the usual or expected price for something

  Example

  I had to pay a premium for the concert tickets because they were sold out.

• premium rate

  a higher than normal interest rate charged on a loan or credit

  Example

  The bank offered me a loan with a premium rate due to my low credit score.

• premium brand

  a brand that is known for its high quality and luxury products

  Example

  This store only carries premium brands like Gucci and Prada.

Origins of premium

from Latin 'praemium', meaning 'reward'

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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.