premium

Meanings

• noun

  A charge or payment made to guarantee special benefits, advantages, or higher quality.

  - "The business model relies on a premium subscription for access to exclusive content."
  - "Customers are willing to pay a premium for organic produce."
  - "First-class seats on an airplane come with a premium price."

• noun

  A higher-priced version of a product or service.

  - "The luxury car is the premium model in the brand's lineup."
  - "Some smartphone manufacturers offer premium versions with additional features."
  - "The premium edition of the game includes extra levels and bonuses."

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Antonyms

discount

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Rhymes

Words rhyming with premium
cream , seem , dream , beam

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Variants

List of all variants of premium that leads to same result
premia , premium , premiums , at a premium , come at a premium , place a premium on , put a premium on , put/place a premium on , time is at a premium

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Etymology

origin and the way in which meanings have changed throughout history.

From Old French 'premium' meaning 'foremost, first,' derived from the Latin 'praemium,' meaning 'reward, prize.'

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. The term 'premium' is derived from the Latin word 'praemium,' meaning 'reward, prize.'

2. In the insurance industry, a 'premium' refers to the amount paid by an insured party to an insurer for coverage.

3. The term 'premium' is also used in the context of options trading, where an investor pays a premium to buy an option contract.

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. Value-added tax (VAT): A type of consumption tax levied on the value added to goods and services at each stage of production or distribution. Premiums can be considered as an additional cost for consumers, similar to VAT.

2. Price discrimination: A pricing strategy where businesses charge different prices to different customers or groups based on their willingness or ability to pay. Premiums can be a form of price discrimination, where businesses charge higher prices to customers who are willing to pay more for additional benefits or features.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

The term 'premium' is often used in various contexts, including business, finance, and consumer goods. It can refer to a higher-priced version of a product or service, or a payment made to secure special benefits or advantages. In business, a premium can be a pricing strategy to generate higher revenue or to differentiate a product from competitors. In finance, a premium can refer to the extra cost paid for an option or insurance policy. In consumer goods, a premium can refer to a higher-quality or luxury product.

How to Memorize "premium"

1. visualize
   

   - Imagine a premium product or service, such as a luxury car or a high-end smartphone. Visualize the features, design, and the sense of exclusivity associated with it.

2. associate
   

   - Associate the word 'premium' with words like 'luxury,' 'exclusive,' 'high-quality,' and 'extra.' Try to remember the positive connotations and benefits associated with the word.

3. mnemonics
   

   - Use the acronym 'PRICE' to remember the meaning of premium: P-Payment, R-Reward, I-Incentive, C-Cost, E-Extra.

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Memorize "premium" using Dictozo

The best and recommended way to memorize premium is, by using Dictozo. Just save the word in Dictozo extension and let the app handle the rest. It enhances the memorization process in two ways:

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