What is the meaning of premium?

noun

• Payment for insurance.
  • synonyms: insurance premium
• The amount that something in scarce supply is valued above its nominal value.
  • usage: "they paid a premium for access to water"
• A fee charged for exchanging currencies.
  • synonyms: agio, agiotage, exchange premium
• A prize, bonus, or award given as an inducement to purchase products, enter competitions initiated by business interests, etc..
  • usage: "they encouraged customers with a premium for loyal patronage"
• Payment or reward (especially from a government) for acts such as catching criminals or killing predatory animals or enlisting in the military.
  • synonyms: bounty

adjective

• Having or reflecting superior quality or value.
  • usage: "premium gasoline at a premium price"