Difference between Insulated and Isolated system?
In Isolated system Heat or Mass of the system is transferred beyond the limit of a system surrounding boundary. The universe is the best example of an isolated system. The universe is the combination of the system and its surroundings. Isolated is perfectly adiabatic.
Insulation is the Material that does not transfer the heat or mass through it, but there is no perfect insulated system. Insulation depends upon the type of material used and its capability, i.e for how long it is going be insulated.