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premio
prize
premium
of exceptional quality or greater value than others
Premio means prize and is related to the English word premium0. Just as something premium is of high quality or value0, a prize is something valuable that you win.
noun
  1. prize
    Something given as a reward for merit, achievement, or winning.
    Ganó el primer premio en el concurso de arte. // He won the first prize in the art contest.