PREMIUM

I. noun see: redeem Date: 1601 1. a reward or recompense for a particular act, a sum over and above a regular price paid chiefly as an inducement or incentive, a sum in advance of or in addition to the nominal value of something , something given free or at a reduced price with the purchase of a product or service, the consideration paid for a contract of insurance, a high value or a value in excess of that normally or usually expected , II. adjective Date: 1844 of exceptional quality or amount