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premium /ˈpriːmɪəm/ n an amount paid in addition to a standard rate, price, wage, etc; bonus the amount paid or payable, usually in regular instalments, for an insurance policy the amount above nominal or par value at which something sells an offer of something free or at a specially reduced price as an inducement to buy a commodity or service a prize given to the winner of a competition; award US an amount sometimes charged for a loan of money in addition to the interest great value or regard: to put a premium on someone's services a fee, now rarely required, for instruction or apprenticeship in a profession or trade at a premium ⇒ in great demand or of high value, usually because of scarcity above par |