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/ˈpɹiː.miː.əm/Definition, CEFR level C1, pronunciation, examples, and quiz.
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Definition
adjSuperior in quality; higher in price or value.
adjHigh-end; belonging to the market segment between mid-market and luxury.
Sentence Examples
You pay 10,000 yen a month as an insurance premium.
I got a premium for subscribing to the magazine.
CEFR Practice Quiz
He pays a high ____ each month for his health insurance because of his condition.
CEFR Practice Quiz (Alternate)
She paid a higher ____ for the comprehensive insurance policy that covered all eventualities.
Word Origin & History
From Latin praemium (“prize”).
Literary Quotations & Historical Citations
"At first I wrote it off to the simpler protocols of grandparenthood, with its premium on uncomplicated gestures of generosity and love."
— 2009 July 19, Ariel Sabar, “A Time to Put Aside the Armor”, in The New York Times:
"(Of course, if an insured dies during the grace period, the unpaid annual premium or instalment thereof is past due and therefore is deducted from the death benefit.)"
— 1951, State Farm Life Insurance Company, Life Agents Handbook, page 62:
"Notice that these premia would exist even in a world of risk-neutral lenders if there were identifiable classes of nonrepaying borrowers."
— 1986, Michael P. Claudon, World Debt Crisis: International Lending on Trial, page 184:
"When a process of proverse selection has run its course, a disproportionate number of high-risk insureds will remain in the former classification, which will prompt an increase in the premiums charged in order to cover the higher losses."
— 1999, Missouri Law Review, volume 64, page 770:
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CEFR Practice Quiz
He pays a high ____ each month for his health insurance because of his condition.
CEFR Practice Quiz (Alternate)
She paid a higher ____ for the comprehensive insurance policy that covered all eventualities.