Premium (marketing) definition

adjective

(1) Having or reflecting superior quality or value

"Premium gasoline at a premium price"

noun

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

(3) Payment for insurance

(4) A fee charged for exchanging currencies

(5) The amount that something in scarce supply is valued above its nominal value

"They paid a premium for access to water"