Thank you for question, Mattia. Usually these words are associated with verbs. Prize = to win; something (a gift) that is won by some contest or competition Award = to give; something (a gift, recognition) that is given to someone Premium = to pay, to receive, to earn, to cost In the United States, "premium" can have an exact legal definition. In most cases a premium is paid to someone or received, depending on the context. Premiums are sums paid to meet some legal requirement or exchange for service, or as in insurance schemes: what is paid to receive insurance coverage.

A prize is received for winning a game or competition. For example: "She won the grand prize in the lottery." An award is received for doing something well. For example: "His parents gave him an award for getting good grades." A premium is received for completing a specific act. For example "He received a government premium for installing new windows on his house". Premium can also mean the amount you pay for something (like insurance premium).