Insurable earnings include any earnings generated by insurable employment, such as wages, salaries, commissions, bonuses, and benefits. These earnings are generally taxable and impact unemployment coverage and compensation. Employers are required to report each type of earnings separately on employee earnings statements or pay stubs. Insurable earnings are any type of earnings generated by insurable […]
Insurance companies require an “insurable interest” before issuing a policy, meaning the person taking out the insurance will suffer a loss if something happens to the insured object or person. Insurable interest is easy to establish for property insurance, but more complicated for individuals. Lenders are also considered to have an insurable interest. The requirement […]
Insurable interest is required for insurance policies to confirm that the person taking out the insurance is likely to suffer if something happens to the insured person or item. This requirement eliminates moral hazard and ensures that the policyholder has a financial loss if the insured object or person is damaged or destroyed. Lenders also […]
