premium

alternative obsolete praemium · alternative obsolete præmium

1. not comparableSuperior in quality; higher in price or value.
2. not comparableautomotiveHigh-end; belonging to the market segment between mid-market and luxury.

plural premiums · plural premia · alternative obsolete praemium · alternative obsolete præmium

1. A prize or award.
2. Something offered at a reduced price as an inducement to buy something else.
3. A bonus paid in addition to normal payments.

   At first I wrote it off to the simpler protocols of grandparenthood, with its premium on uncomplicated gestures of generosity and love.

   2009 July 19, Ariel Sabar, “A Time to Put Aside the Armor”, in The New York Times

4. businessThe amount to be paid for an insurance policy.

   Notice that these premia would exist even in a world of risk-neutral lenders if there were identifiable classes of nonrepaying borrowers.

   1986, Michael P. Claudon, World Debt Crisis: International Lending on Trial, page 184

   2 more examples

   (Of course, if an insured dies during the grace period, the unpaid annual premium or instalment thereof is past due and therefore is deducted from the death benefit.)

   1951, State Farm Life Insurance Company, Life Agents Handbook, page 62

   When a process of proverse selection has run its course, a disproportionate number of high-risk insureds will remain in the former classification, which will prompt an increase in the premiums charged in order to cover the higher losses.

   1999, Missouri Law Review, volume 64, page 770

5. An unusually high value.
6. businessThe amount by which a security's value exceeds its face value.

   Antonyms: discount