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â¢ Insured Earnings is the earnings as. described in your policy and used to. calculate your employeeâs benefits. â¢ It can vary depending on the definition. you choose for each eligibility group. â¢ Changes to insured earnings become. effective at the Insured Earnings.
For example: suppose an injured worker earns $60,800 a year in wages. For the purposes of calculating an earnings replacement benefit, the WCB will use a wage figure of $58,200 for that worker, which is the insurable portion of the earnings.Similarly, for the worker's employer, wages would only be reported until such time as the $58,200 maximum for the year is reached.After that point, any wages would be considered wages in excess of the maximum, and should be left out of the employer's assessable wage calculation.imilarly, for the worker's employer, wages would only be reported until such time as the $58,200 maximum for the year is reached. After that point, any wages would be considered wages in excess of the maximum, and should be left out of the employer's assessable wage calculation.