Webster's English Dictionary

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premium

1. pre.mi.um \'pre--me--*m\ \-me--*\ n or premiums also pre.mia [L praemium 
   booty, profit, reward, fr. prae- + emere to take,] pl  buy - more at REDEEM 
   1a: a reward or recompense for a particular act  1b: a sum over and above a 
   regular price paid chiefly as an inducement or i ncentive 1c: a sum in 
   advance of or in addition to the nominal value of something  1d: something 
   given free or at a reduced price with the purchase of a produ ct or service 
   2: the consideration paid for a contract of insurance  3: a high value or a 
   value in excess of that normally or usu. expected  : above par : unusually 
   valuable esp. because of demand {housing was (Xat a premium} - at a premium 
2. premium aj : of exceptional quality