American English

Definition of premium noun from the Oxford Advanced American Dictionary



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  1. 1an amount of money that you pay once or regularly for an insurance policy a monthly premium of $11.50 Thesauruspaymentpremium contribution subscription repayment deposit installmentsThese are all words for an amount of money that you pay or are expected to pay, or for the act of paying.payment an amount of money that you pay or are expected to pay; the act of paying:ten monthly payments of $50 payment in advancepremium an amount of money that you pay once or regularly for an insurance policy; an extra payment added to the basic rate; a higher amount of money than usual:an insurance premium a premium for express deliverycontribution a sum of money that you pay regularly, often to your employer or the government, for benefits such as health insurance, a retirement plan, etc:You can increase your monthly contributions to your savings account.subscription an amount of money you pay in advance to receive regular copies of a newspaper or magazine, or to receive a service:a subscription to “Newsweek”repayment money that you pay to a bank, etc. until you have returned all the money that you owe; the act of paying this money:to set up a repayment plandeposit an amount of money that you pay as the first part of a larger payment; money that you put into a bank account:We've put down a 5% deposit on the house. I made a $500 deposit into my checking account.installments one of a number of payments that you make regularly over a period of time until you have paid for something:We paid for the car by/in installments.Patterns (a/an) annual/monthly/regular payment/premium/contributions/subscription/deposit/installments payment/repayment in full to pay a premium/a contribution/a subscription fee/a deposit/installments to make (a) payment/deposit to meet/keep up (with) (the) payment(s)/the premiums
  2. 2an extra payment added to the basic rate You have to pay a high premium for express delivery. A premium of 10% is paid out after 20 years. He was willing to pay a premium for a house near the ocean.
  3. Idioms
      at a premium
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    1. 1if something is at a premium, there is little of it available and it is difficult to get Space is at a premium in a one-bedroom apartment.
    2. 2at a higher than normal price Shares are selling at a premium.
    put/place/set a premium on somebody/something
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    to think that someone or something is particularly important or valuable The company places a high premium on initiative.
See the Oxford Advanced Learner's Dictionary entry: premium