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premium \pree-mee-uhm\ noun pl premiums 1. the amount of money paid for insurance coverage: The Clarkes received a notice saying that their car insurance premiums were going up. 2. a higher or unusual cost of something: Supermarkets often put a premium on organically grown foods. 3. a superior value: Gabriel puts a premium on honesty in his relationships. — from Latin (praemium)
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