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English definition of “compensation payment”

compensation payment

noun [C]
 
 
INSURANCE, LAW
an amount of money that is paid to someone because they have been hurt, or because something has been lost or damaged: Workers' compensation payments for injured employees have soared recently. The company faces huge compensation payments to farmers for destroying crops contaminated with genetically modified seeds.
(Definition of compensation payment from the Cambridge Business English Dictionary © Cambridge University Press)
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