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1. Payment for insurance
   - 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
   - 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
   - bounty

1. Having or reflecting superior quality or value
   "premium petrol at a premium price"

Derived forms: premiums

See also: superior

Type of: award, bonus, charge, economic value, incentive, payment, prise [Brit, Cdn], prize, reward, value

Encyclopedia: Premium