Definition of "Premium" :

noun: payment or reward (especially from a government) for acts such as catching criminals or killing predatory animals or enlisting in the military

noun: a prize, bonus, or award given as an inducement to purchase products, enter competitions initiated by business interests, etc.

"They encouraged customers with a premium for loyal patronage."

noun: payment for insurance

noun: a fee charged for exchanging currencies

noun: the amount that something in scarce supply is valued above its nominal value

"They paid a premium for access to water."

adjective: having or reflecting superior quality or value

"Premium gasoline at a premium price."