Also means
premium
Usage Note
Premio is masculine; the plural is premi. It covers prizes at competitions (premio Nobel), bonuses at work (premio di produzione), and insurance premiums (premio assicurativo). The phrase vincere un premio means 'to win a prize'. The related verb is premiare (to award a prize to).
Examples
"Ha vinto il primo premio al concorso."
Natural Translation
She won first prize in the competition.

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