Longman Dictionary of Contemporary English homepage

Date: 1600-1700
Language: Latin
Origin: praemium 'profit, reward', from emere 'to take, buy'

premium

1 noun
     
pre‧mi‧um1
1 [countable]BFI the cost of insurance, especially the amount that you pay each year:
insurance premiums
2 [countable]BB 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 EnglishTPGTTC good quality petrol

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