Compensation Definition and Legal Meaning

On this page, you'll find the legal definition and meaning of Compensation, written in plain English, along with examples of how it is used.

What is Compensation?

1\) Amount paid to a worker for any knid of injury suffered in the work place is called workers’ compensation.It also includes wages, bonuses , various kinds of allowances, insurance benefits etc. 2)the amount paid by an insurance company to the insured for any loss or damages sudffered after satisfying the facts stated in the insuranc policy is also called compensation.