The Spanish word 'premio' meaning 'prize' or 'reward' comes from the Latin word 'praemium' with the same meaning. The Latin word itself is a combination of two elements: 'prae-' meaning 'before' and 'em-' meaning 'to take'. This combination suggests the original concept of something taken or received before others, which evolved into the notion of a reward or prize.

The Spanish verb 'premiar' (to reward) is directly related to 'premio'. You might also encounter 'premiado' (awarded, prize-winning) and 'premiación' (award ceremony), which are all part of the same word family.

While English doesn't have direct cognates of 'premio', we do use related Latin-derived words like 'premium' and 'premial'. A 'premium' originally meant a reward or prize, though today it often refers to something of higher quality or an additional payment. These words share the same Latin ancestor 'praemium' with the Spanish 'premio'.