Premium
ˈpriːmiəm
Definitions
2 meaningsThe amount paid regularly for an insurance policy or a membership, or the amount above the usual price of something.
ˈpriːmiəm
A sum paid for an insurance policy or other benefit.
The car insurance premium increased this year.
💡 Simply: Imagine you have a special membership to the best video game club. You pay a certain amount of money every month, which is the premium! It's like paying extra for something special or better.
👶 For kids: Money you pay to get something special like a toy or a special service.
More Examples
The company offers a premium service that includes extra benefits.
We paid a premium for the beachfront property.
How It's Used
"The insurance premium is due next month."
"Customers who buy in bulk can get a premium."
Denoting or relating to a product or service of high quality or value, a product of superior quality.
ˈpriːmiəm
Of superior quality or higher value.
They offer a premium line of clothing made from fine materials.
💡 Simply: Have you ever seen a really fancy toy? One that feels better and is made with nicer materials? That toy is a 'premium' toy! It's the best of the best!
👶 For kids: It's like the best of the best, like the most special thing.
More Examples
The hotel provides premium accommodations for its guests.
This is a premium coffee, carefully sourced and roasted.
How It's Used
"The product is a premium brand."
"Customers are willing to pay a premium price for quality."
Idioms & expressions
at a premium
In high demand and therefore expensive.
"During the holiday season, flights are always at a premium."
From Latin *praemium* 'reward, prize,' originally 'something taken beforehand,' from *prae* 'before' + *emere* 'to take, buy'.
The word 'premium' has been used since the 16th century, initially referring to a reward or prize.
Memory tip
Think of the 'premium' you pay for a special service; it's the price.
Word Origin
"reward, prize, something taken beforehand"