premium

Universal Words noun, adjective noun 1 an amount of money that you pay once or regularly for an insurance policy: a monthly premium of ｣6.25 2 an 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 sea. IDIOMS at a premium 1 if sth is at a premium, there is little of it available and it is difficult to get: Space is at a premium in a one-bedroomed apartment. 2 at a higher than normal price: Shares are selling at a premium. put / place / set a premium on sb/sth to think that sb/sth is particularly important or valuable: The company places a high premium on initiative. adjective [onlybeforenoun] very high (and higher than usual); of high quality: premium prices / products