C1nounmoneybusiness
US/ˈpriː.mi.əm/
UK/ˈpriː.mi.əm/
an amount of money you pay regularly for insurance, or an extra amount you pay for something better
In context
Our monthly insurance premium will rise by ten percent next year.
Customers pay a premium for organic food in this supermarket.
You can lower the premium by choosing a higher deductible.
Words that go with premium
noun + noun
- insurance premiumThe insurance premium is due on the first of the month.
- premium priceThe brand charges a premium price for its coffee.
verb + noun
- pay a premiumTravelers often pay a premium for direct flights.
- raise the premiumThe insurer decided to raise the premium for drivers under 25.
adjective + noun
- monthly premiumYour monthly premium includes dental coverage.
noun + preposition
- at a premiumSeats near the stage are sold at a premium.
Common mistakes
Incorrect:
I paid the insurance premium money.Correct: I paid the insurance premium.