premium

premium [prē′mē əm]

n.

pl. premiums [L praemium, reward, recompense < prae-, before + emere, to take: see PRE- & REDEEM]

1. a reward or prize, esp. one offered free or at a special low price as an added inducement to buy or do something; bonus

2. an additional amount paid or charged; specif.,

a) an amount paid for a loan in addition to interest

b) an amount paid, as for stock, above the nominal or par value

c) additional wages paid as for overtime or dangerous work

3. a payment; specif.,

a) the amount payable or paid, in one sum or periodically, for an insurance policy

b) Now Rare a fee paid for instruction in a trade, etc.

c) a fee paid by a borrower of stock to the lender, as in short selling

4. very high value [to put a premium on punctuality]

5. Econ. the amount by which one form of money exceeds another (of the same nominal value) in exchange value, or buying power

adj.

rated as superior in quality and sold at a higher price

SYN.- BONUS, REWARD

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at a premium

1. at a value or price higher than normal

2. very valuable, usually because of scarcity