I. pre ‧ mi ‧ um 1 /ˈpriːmiəm/ BrE AmE noun
[ Date: 1600-1700 ; Language: Latin ; Origin: praemium 'profit, reward' , from emere 'to take, buy' ]
1 . [countable] the cost of insurance, especially the amount that you pay each year:
insurance premiums
2 . [countable] an additional amount of money, above a standard rate or amount:
Consumers are prepared to pay a premium for organically grown vegetables.
Top quality cigars are being sold at a premium.
3 . be at a premium if something is at a premium, people need it or want it, but there is little of it available or it is difficult to get:
During the Olympic Games, accommodation will be at a premium.
space/time is at a premium
Foldaway furniture is the answer where space is at a premium.
4 . put/place a premium on something to consider one quality or type of thing as being much more important than others:
Modern economies place a premium on educated workers.
5 . [uncountable] especially American English good quality petrol
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THESAURUS
▪ payment an amount of money that you pay for something, especially when it is only one part of the total amount you have to pay:
They have a monthly car payment of £220.
▪ instalment British English , installment American English a regular payment you make to pay back money that you have borrowed or to pay for things that you have already received:
I borrowed $2,000, which was to be paid back in monthly installments of $250.
▪ deposit ( also down payment ) part of the cost of something that you pay before you get it, so that it will not be sold to anyone else:
They used the money they inherited as a down payment on a house.
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The hotel asks for a $20 deposit to reserve a room.
▪ subscription an amount of money you pay, usually once a year, to receive copies of a newspaper or magazine:
A subscription to the magazine is $52 a year.
▪ tip a small amount of money that you give someone, for example a waitress or taxi driver, in addition to paying for a service they have given you:
I usually leave a 10% tip.
▪ premium the amount you pay for insurance each year:
your monthly life insurance premiums
II. premium 2 BrE AmE adjective
1 . of very high quality:
premium ice cream
the current consumer trend for premium products
premium quality British potatoes
2 . premium price/rate premium prices and rates are higher than usual ones:
People are prepared to pay premium prices for quality products.
Calls are charged at the premium rate of 60p per minute.