What is the best way to describe a premium?
Broadly speaking, a premium is a price paid for above and beyond some basic or intrinsic value. Relatedly, it is the price paid for protection from a loss, hazard, or harm (e.g., insurance or options contracts). The word "premium" is derived from the Latin praemium, where it meant "reward" or "prize."
What is the mean by premium?
noun. pre·mi·um ˈprē-mē-əm. : a reward or recompense for a particular act. : a sum over and above a regular price paid chiefly as an inducement or incentive. : a sum in advance of or in addition to the nominal value of something.
What type of word is premium?
adjective. of exceptional quality or greater value than others of its kind; superior: a wine made of premium grapes. of higher price or cost.
Does premium mean cheap?
Premium refers to a segment of a company's brands, products, or services that carry tangible or imaginary surplus value in the upper mid- to high price range.
[PDF] Glossary of Common Insurance Terms
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[PDF] Actuarial Glossary - SOA
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