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Insurance vs Compensation - What's the difference?

insurance | compensation | Related terms |

Insurance is a related term of compensation.


As nouns the difference between insurance and compensation

is that insurance is a means of indemnity against a future occurrence of an uncertain event while compensation is the act or principle of compensating.

insurance

English

Noun

(wikipedia insurance) (en-noun)
  • A means of indemnity against a future occurrence of an uncertain event.
  • *{{quote-magazine, date=2012-01
    • , author=Philip E. Mirowski , title=Harms to Health from the Pursuit of Profits , volume=100, issue=1, page=87 , magazine= citation , passage=In an era when political leaders promise deliverance from decline through America’s purported preeminence in scientific research, the news that science is in deep trouble in the United States has been as unwelcome as a diagnosis of leukemia following the loss of health insurance .}}
    The car was totalled, but fortunately I had insurance .
  • The business of providing insurance.
    • After five years in banking, I switched to insurance .
  • Metaphoric: Any attempt to anticipate an unfavorable event.
    • The sky was clear, but I took my umbrella for insurance .
  • Blackjack: A bet made after the deal, which pays off if the dealer has blackjack.
    • I only take insurance if the count is right.
  • (countable) An insurance policy
  • * {{quote-news, year=2009, date=February 18, author=Cheryl Critchley, title=Free child care for Victorian bushfire victims, work=Herald Sun citation
    • , passage="The children need to get back to some level of normalcy and their families can certainly use some respite to deal with things such as insurances , licences and other things they have lost," he said. }}

    Derived terms

    {{der3, automobile insurance , car insurance , casualty insurance , credit insurance , earthquake insurance , fire insurance , flood insurance , freight insurance , group insurance , health insurance , insure , insurer , insurance adjuster , insurance agent , insurance agency , insurance claim , insurance company , insurance fraud , insurance plan , insurance policy , insurance premium , insurance scam , liability insurance , life insurance , malpractice insurance , no-fault insurance , pet insurance , property insurance , reinsurance , term life insurance , transportation insurance , unemployment insurance , whole-life insurance , insurance agency}}

    See also

    * actuary * annuity * broker * float * underwriter * workers’ compensation

    compensation

    English

    (wikipedia compensation)

    Noun

    (en noun)
  • The act or principle of compensating.
    • (Emerson)
  • That which constitutes, or is regarded as, an equivalent; that which makes good the lack or variation of something else; that which compensates for loss or privation; amends; remuneration; recompense.
  • * Hallam
    • The parliament which dissolved the monastic foundations vouchsafed not a word toward securing the slightest compensation to the dispossessed owners.
  • * Burke
    • No pecuniary compensation can possibly reward them.
  • The extinction of debts of which two persons are reciprocally debtors by the credits of which they are reciprocally creditors; the payment of a debt by a credit of equal amount; a set-off.
  • A recompense or reward for some loss or service.
  • An equivalent stipulated for in contracts for the sale of real estate, in which it is customary to provide that errors in description, etc., shall not avoid, but shall be the subject of compensation.
  • The relationship between air temperature outside a building and a calculated target temperature for provision of air or water to contained rooms or spaces for the purpose of efficient heating. In building control systems the compensation curve is defined to a compensator for this purpose.

    • Synonyms

    * (act of compensating) restitution * (recompense or reward) restitution

    Derived terms

    * overcompensation