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premium

From Wiktionary

Pronunciation

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Noun

[change]

Singular
premium

Plural
premiums

  1. A premium is an amount of money paid for insurance.
    He had to pay a higher premium after his house burnt down.
  2. Premium is something that high quality and in short supply.
    We had to pay a premium price for a glass of water in the desert.
  3. A premium is a bonus or reward.