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I always thought a "bug" was a generic term for an insect, and this is true. However, did you know that there is a type of insect called a "true bug"? In fact, this beautiful insect is a true bug! So, what is the difference between a "bug" and any other kind of insect? Well, Wiki has a really great page explaining this so let me share this with you:

Wikipedia: True Bug
The true bugs are an order (a group) of insects. Scientists call true bugs the Hemiptera. There are around 80,000 species (different kinds) of true bugs. The word bug by itself can have other meanings.

There are many different kinds of true bugs, some of which are aphids, cicadas, planthoppers, shield bugs, and others. All of these are true bugs. Their size is from 1 mm to over 10 cm. All true bugs have similar mouthparts, which is what characterizes the true bugs (the kind of mouth they have makes a true bug a true bug).

Features of true bugs
The feature that defines the Hemiptera is that they have piercing, sucking mouthparts. They pierce food with their long, tube-like mouth, called a proboscis or a beak. They can not chew. The true bug pumps saliva through this mouth, to partly digest their food. The bug then sucks up the food, which has been turned into a liquid by their saliva.

The name "Hemiptera" is from the Greek language and means hemi (half) and pteron (wing). Many true bugs have half of their front wings hardened and have the other half soft. These wings are called hemelytra (singular hemelytron), because they halfway look like the hard wings (elytra) of beetles. The hind wings are totally soft and are shorter than the front wings.

The antennae of true bugs usually have five segments. The tarsi (foot parts) of the legs have three or less segments.