lip balm vs salve

lip balm and salve both are nouns.

Word	Noun	Adjective	Verb	Adverb
lip balm	Yes	No	No	No
salve	Yes	No	Yes	No

As nouns, salve is a hypernym of lip balm; that is, salve is a word with a broader meaning than lip balm:

lip balm: a balm applied to the lips
salve: semisolid preparation (usually containing a medicine) applied externally as a remedy or for soothing an irritation

Other hypernyms of lip balm include balm, ointment, unction, unguent.

lip balm (noun)	salve (noun)
a balm applied to the lips	anything that remedies or heals or soothes
	semisolid preparation (usually containing a medicine) applied externally as a remedy or for soothing an irritation

lip balm (verb)	salve (verb)
	apply a salve to, usually for the purpose of healing
	save from ruin, destruction, or harm