Definition, Meaning & Synonyms
premium
noun
/ˈpriː.mi.əm/
Definition
A premium is an amount paid for a particular service or product, often above its normal price.
Examples
- The premium for this insurance plan is higher than the basic option.
- Customers are willing to pay a premium for organic produce.
- The car is sold at a premium due to its high demand.
Meaning
The term can refer to the cost of something that is considered superior in quality or luxury, or in insurance, it signifies the amount paid for coverage.
Synonyms
- extra
- cost
- advantage
- fee
- surplus
