领 (lǐng): This character can mean “to lead,” “to receive,” or “neck/collar.” In this context, it's part of the word `领事 (lǐngshì)`, which means “consul.”
事 (shì): This means “affair,” “matter,” or “business.” When combined, 领事 (lǐngshì) literally means “one who leads/handles affairs,” the perfect description for a consul.
保 (bǎo): This character means “to protect” or “to defend.” It's found in words like `保安 (bǎo'ān)`, meaning “security guard.”
护 (hù): This character also means “to protect” or “to guard.” It's famously in the word `护照 (hùzhào)`, meaning “passport,” which can be thought of as a “protection document.”
How they combine: The word is a straightforward combination of two parts: `领事 (lǐngshì)` meaning “consular” and `保护 (bǎohù)` meaning “protection.” Together, `领事保护` is a direct and unambiguous term for “consular protection.” The doubling of the “protect” meaning in `保护` gives the word a very strong and secure feeling.