n.1 an amount to be paid for a contract of insurance.
2 a a sum added to interest, wages, etc.; a bonus. b a sum added to ordinary charges.
3 a reward or prize.
4 (attrib.) (of a commodity) of best quality and therefore more expensive.
Phrases and idioms:
at a premium
1. highly valued; above the usual or nominal price.
2 scarce and in demand. Premium Bond (or Savings Bond) Brit. a government security without interest but with a draw for cash prizes.
put a premium on
1. provide or act as an incentive to.
2 attach special value to.
Etymology: L praemium booty, reward (as PRAE-, emere buy, take)