Award
An award, sometimes called a distinction, is given to a recipient as a token of recognition of excellence in a certain field. When the token is a medal, ribbon or other item designed for wearing, it is known as a decoration.
An award may be described by three aspects: 1) to whom it is given to 2) what 3) by whom, all varying according to purpose.
The recipient is often awarded to an individual, a student, athlete or representative of a group of people, be it an organisation, a sports team or a whole country. The award item may be a decoration or an insignia suitable for wearing, such as a medal, badge, award pin or rosette.