"premium" in the noun sense
1. premium, insurance premium
payment for insurance
2. premium
the amount that something in scarce supply is valued above its nominal value
"they paid a premium for access to water"
3. agio, agiotage, premium, exchange premium
a fee charged for exchanging currencies
4. premium
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"
5. bounty, premium
payment or reward (especially from a government) for acts such as catching criminals or killing predatory animals or enlisting in the military
"premium" in the adjective sense
1. premium
having or reflecting superior quality or value
"premium gasoline at a premium price"
Source: WordNet® (An amazing lexical database of English)
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