Bill Cosby outside the Ed Sullivan Theatre for the 'Late Show With David Letterman'. New York City, USA - 10.11.08
The beloved comic will receive the award at a gala in October (09).
The Twain Prize recognises individuals who have impacted American society.
Cosby received a Kennedy Center Honor in 1998 and the Presidential Medal of Freedom in July 2002.
Last year's Twain Prize for Humor was awarded posthumously to George Carlin.
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Source: WENN