Can I save a complete copy of my mbp to My Passport, so that if it goes on fire, I have a full copy?

giveup wrote:  Is there a difference between ‘bootable’ and ‘reinstall’?

 

Yes.  Boot is when you start up a comp from “off.”  Bootable is starting up a Mac from a disc by holding down the “c” key.

Reinstall is installing software that was previously installed.  You are returning the software to your comp.

Regarding your other questions-concerns, I would suggest that you read the following Knowledge Base Article & website links:

https://support.apple.com/kb/PH18837

How to back up and restore your Mac with Time Machine

Time Machine Tips

Hopefully one if not all of the articles will answer your questions & concerns.

HTH