A wordmark protects a name, word, phrase, or combination of letters and numbers in text form, with no specific visual stylization. Protection applies to the text itself in any font, color, or presentation.
A figurative mark protects the visual elements of a brand (i.e., a logo, icon, graphic design, or stylized image). Protection covers the visual design as shown in the registration, not the words it may contain.
The practical difference is that a wordmark gives broader protection for the name but does not cover the visual identity. Whereas a figurative mark protects the design but not the name used in a different style. Many businesses register for both to cover each element independently.