Short answers, pulled from the story.
The FIFA Champions Badge takes the form of a gold and white shield displaying the relevant trophy alongside the inscription FIFA WORLD CHAMPIONS. One scheme features gold letters on a white background while the other uses white letters on a gold background.
The first official award of the badge was made in February 2008 to honor Italian club Milan who had won the title in 2007. FIFA declared that three previous winners Corinthians, São Paulo, and Internacional could wear the badge until a new winner was crowned in the 2008 FIFA Club World Cup Final in December.
In September 2008 the badge extended to the FIFA World Cup and presented to defending champions from 2006 Italy making it the first national team to wear the badge. In 2009 the badge extended to the FIFA Women's World Cup and awarded to Germany reigning champions from 2007.
On the 22nd of December 2019 Liverpool ended Real Madrid's uninterrupted reign as FIFA Club World Cup Champions Badge holders after a streak lasting 1,098 days starting from the 18th of December 2016. This stood as the longest continuous period for which any club team had held a FIFA Champions Badge.
Real Madrid holds the record for most wins among clubs with five separate occasions since its inception. Barcelona has won the right three times while no other national team has yet won the badge twice in succession.