Option Premium is the amount paid for an option. It can be further broken down into intrinsic value and time value.
Based on the above image, GOOG represents the option class while DEC 11 is the option series. There are many different option series of GOOG. An option premium is the price of the option. It’s the price we pay to purchase the option. In this example, GOOG DEC 11 520 Call may have an option premium of $43.10 (Ask price for 520 call strike price).
This means that this option costs $4310.00. Why? Because most listed option are for 100 shares of stock and all equity option prices are quoted on a per share basis. So they need to be multiplied by 100.