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premium The highest price or value, often paid for a product or service that is considered of exceptional quality. ■ "I'm willing to pay the premium for organic fruits and vegetables at the farmer's market. I don't want any harmful pesticides in my food!"
buyout A legal transaction in which one entity acquires the ownership and control of another, often at a premium price. ■ The billionaire bought out the struggling startup for $10 million in a buyout deal.
actuarial Adjective - relating to the calculation and prediction of probabilities and risks, often used in insurance and finance. ■ When I heard my car's insurance premium was going up by 25%, I realized that being actuarial means never having a fun summer vacation.
insurance An agreement between a person or entity and an insurer to transfer the risk of loss from the insured party to the insurer, in exchange for a premium. ■ I bought insurance on my car to protect against theft, but I forgot to lock it and now I have to file a claim because my car was stolen. Ha!
Octane A highly refined, odorless hydrocarbon that is used as a fuel in internal combustion engines. It has an octagonal molecular structure and a boiling point of -134°C. ■ When the octane in my car ran out, I had to stop at a gas station and fill up. But when the attendant asked if I wanted "regular" or "premium," I was like, "Uh, neither. I just need enough to get me home."