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say it: PREE-mee-uhm
premium is a noun and adjective meaning "payment for insurance". It carries 6 recorded senses.
payment for insurance
the amount that something in scarce supply is valued above its nominal value
“they paid a premium for access to water”
a fee charged for exchanging currencies
Forms marked · are formed by the regular rule rather than recorded in the source data. English keeps a few hundred irregulars and the rest follow the pattern, so the rule is right far more often than not — but it is a rule, and the mark says so.
Definitions, synonyms and semantic relations for premium come from Princeton University’s WordNet. The pronunciation comes from the CMU Pronouncing Dictionary. Commonness is measured against a corpus of everyday English. Full sources and licences.