premium

Something that's premium is much better than average — it's excellent, in fact. A premium seat at a rock concert is right up front, with a great view of the stage.

When premium is a noun, it means the money you pay each month for your car insurance or a charge that's added on top of a standard payment. It also means a prize or reward. As an adjective, premium implies something of superior quality that probably costs more too. Premium comes straight out of Latin, meaning “reward.” It was first used as an adjective around 1925, in the phrase "premium butter."

Definitions of premium
  1. adjective
    having or reflecting superior quality or value
    premium gasoline at a premium price”
    Synonyms:
    superior
    of high or superior quality or performance
  2. noun
    the amount that something in scarce supply is valued above its nominal value
    “they paid a premium for access to water”
    see moresee less
    type of:
    economic value, value
    the amount (of money or goods or services) that is considered to be a fair equivalent for something else
  3. noun
    payment for insurance
    synonyms: insurance premium
    see moresee less
    type of:
    payment
    a sum of money paid or a claim discharged
  4. noun
    a fee charged for exchanging currencies
    synonyms: agio, agiotage, exchange premium
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    type of:
    charge
    the price charged for some article or service
  5. noun
    a prize, bonus, or award given as an inducement to purchase products, enter competitions initiated by business interests, etc.
    “they encouraged customers with a premium for loyal patronage”
    see moresee less
    type of:
    award, prize
    something given for victory or superiority in a contest or competition or for winning a lottery
    bonus, incentive
    an additional payment (or other remuneration) to employees as a means of increasing output
  6. noun
    payment or reward (especially from a government) for acts such as catching criminals or killing predatory animals or enlisting in the military
    synonyms: bounty
    see moresee less
    type of:
    reward
    payment made in return for a service rendered
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