premium

(noun) payment for insurance. Synonyms: insurance premium.

(noun) the amount that something in scarce supply is valued above its nominal value. Example: "They paid a premium for access to water."

(noun) a fee charged for exchanging currencies. Synonyms: agio, agiotage, exchange premium.

(noun) a prize, bonus, or award given as an inducement to purchase products, enter competitions initiated by business interests, etc.. Example: "They encouraged customers with a premium for loyal patronage."

(noun) payment or reward (especially from a government) for acts such as catching criminals or killing predatory animals or enlisting in the military. Synonyms: bounty.

(adj) having or reflecting superior quality or value. Example: "Premium gasoline at a premium price."