premium >> /ˈprimiəm/
Definition: [noun] An amount to be paid for an insurance policy.
Example: Correctly computed, the income of a wage earner entitled to a pension consists of his wages plus the amount of the premium he would have to pay to an insurance company for the acquisition of an equivalent claim.
Definition: [noun] A sum added to an ordinary price or charge.
Example: customers are reluctant to pay a premium for organic fruit
Definition: [noun] Something given as a reward, prize, or incentive.
Example: the Society of Arts awarded him a premium