Monetary compensation refers to financial payment or reimbursement for a loss, damage, or service rendered. It can be given in various forms such as cash, check, bank transfer, or electronic funds transfer. The amount of monetary compensation is usually determined based on the severity of the loss, the value of the damaged property, or the market rate for the service provided. Monetary compensation may also include interest payments and other financial benefits to make up for any losses incurred due to a delay or denial of payment.