How Do You Spell PREMIUM?
Pronunciation: [pɹˈiːmi͡əm] (IPA) 
Pronunciation: [pɹˈiːmi͡əm] (IPA)
Premium can be defined as a monetary value or price that is higher than the regular or standard rate for a product, service, or investment. It represents an additional cost that is attributed to the perceived value, quality, or exclusiveness of the item or service being offered. The premium amount is typically charged as an extra fee, beyond the basic price.
In insurance, a premium refers to the recurring payment made by policyholders to maintain their coverage. It is the sum required by an insurance company in exchange for assuming the risk and providing financial protection against specified events or losses. The premium is often determined by various factors such as the type and amount of coverage, the insured's risk profile, and the duration of the policy.
Additionally, the term premium can refer to the superior quality or high standard of a particular product or service compared to others in its category. It implies that the item possesses exceptional features, superior craftsmanship, or uses more refined materials. Such premium products often command a higher market value due to the perceived heightened quality or luxury associated with them.
Furthermore, premium can also signify a special benefit, advantage, or bonus provided to select individuals or customers. This can include exclusive access or privileges, such as premium seating at an event, premium membership perks, or premium customer support services. These additional benefits are often offered as a means to incentivize loyalty or to cater to a more discerning clientele.
The amount payable annually, semiannually, or quarterly by the insured in order to keep a policy in force.
A practical medical dictionary. By Stedman, Thomas Lathrop. Published 1920.
A reward or recompense; a prize offered for some specific thing; value above the original cost or price, as of shares or stock; the sum paid to an office for insurance, as against fire, or to indemnify for losses of any kind; anything offered or given as an incentive.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
The word "premium" originated from the Latin word "praemium", which referred to a reward, prize, or profit. In Ancient Rome, it was used to denote a prize or bounty given to soldiers in addition to their regular pay. Over time, the term evolved and started being used to refer to any form of generous payment or compensation. Today, "premium" commonly signifies an extra amount paid for an insurance policy or the higher quality or status of a product or service.
