premium

Adjective

• having or reflecting superior quality or value
  • premium gasoline at a premium price
    

Noun

• payment or reward (especially from a government) for acts such as catching criminals or killing predatory animals or enlisting in the military

• a prize, bonus, or award given as an inducement to purchase products, enter competitions initiated by business interests, etc.
  • they encouraged customers with a premium for loyal patronage
    

• a fee charged for exchanging currencies

• the amount that something in scarce supply is valued above its nominal value
  • they paid a premium for access to water
    

• payment for insurance

Related words

• Synonyms: 
  bounty , agio , agiotage , exchange premium , insurance premium