n.
 (pl. premiums)
   - an amount paid for a contract of insurance.
 - a sum added to an ordinary price, charge, or other payment. 
▸
[as modifier]
 (of a commodity) superior and more expensive.
 - something given as a reward or incentive.
 
 
  Phrase
  
    - at a premium
  - scarce and in demand.
 - above the usual price.
 
  - put 
(or place)
 a premium on
 regard as particularly valuable. 
   
  Etymology
  C17: from L. praemium ‘booty, reward’, from prae ‘before’ + emere ‘buy, take’.