[ˈpriːmɪəm], (Noun)

Definitions:
- an amount to be paid for a contract of insurance

- a sum added to an ordinary price or charge
(e.g: customers are reluctant to pay a premium for organic fruit)

- something given as a reward, prize, or incentive
(e.g: the Society of Arts awarded him a premium)


Phrases:
- at a premium
- put a premium on

Origin:
early 17th century (in the sense ‘reward, prize’): from Latin praemium ‘booty, reward’, from prae ‘before’ + emere ‘buy, take’