insurance vs protection

insurance and protection both are nouns.

Word	Noun	Adjective	Verb	Adverb
insurance	Yes	No	No	No
protection	Yes	No	No	No

As nouns, protection is a hypernym of insurance; that is, protection is a word with a broader meaning than insurance:

insurance: promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company
protection: defense against financial failure; financial independence

Other hypernyms of insurance include security.

As nouns, protection is a hypernym of insurance; that is, protection is a word with a broader meaning than insurance:

Other hypernyms of insurance include shelter.

insurance (noun)	protection (noun)
written contract or certificate of insurance	the activity of protecting someone or something
promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company	payment extorted by gangsters on threat of violence
protection against future loss	kindly endorsement and guidance
	the imposition of duties or quotas on imports in order to protect domestic industry against foreign competition
	a covering that is intend to protect from damage or injury
	defense against financial failure; financial independence
	the condition of being protected